Saying that credit unions and small banks "had very little, really nothing to do with causing the financial crisis," Consumer Financial Protection Bureau Director Richard Cordray renewed his commitment to ensuring they don't face unnecessary additional regulatory burdens.
Cordray told the Senate Banking Committee at a Jan. 31 hearing that credit unions and community banks are successful business models and are the institutions most responsive to the needs of consumers. Therefore, his bureau wants to ensure that its regulations to protect consumers don't hurt those entities, he added.
Cordray said the CFPB would create advisory panels of credit unions and community banks to provide input before the agency issues proposed rules.
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