House Majority Leader Eric Cantor (R-Va.) told his Wednesday morning GAC audience that although the Dodd-Frank Act had good intentions, credit union members will pay the price of compliance.
WASHINGTON — Congressional speeches, including appeals against and for the Consumer Financial Protection Bureau, provided grist for the political mill on Wednesday during the final general session of the 2013 Governmental Affairs Conference at the Washington Convention Center.
CFPB Director Richard Cordray said banks that are avoiding risky borrowers present a window of opportunity for credit unions to pick up market share. He encouraged credit unions to book mortgages that don’t apply to qualified mortgage standards, but have reasonable risk.
Rep. Maxine Waters (D-Calif.) gave a spirited but abbreviated version of her prepared remarks Wednesday morning. The highest-ranking Democrat on the House Financial Services Committee said she had to cut her GAC speech short because she had to hurry back to the Capitol for a hearing that featured Federal Reserve Chairman Ben Bernanke.
Rep. Brad Sherman (D-Calif.) opened his GAC speech Wednesday morning with a zinger, saying it was nice to be in a large room full of financial institution executives in which not one person took TARP bailout money.
Sen. Elizabeth Warren (D-Mass.) made headlines Wednesday, including in the Wall Street Journal and Bloomberg, when she asked her GAC audience to advocate for the CFPB and Director Richard Cordray during their Capitol Hill visits with Members of Congress.
