WASHINGTON — Congressional speeches, including appeals againstand for the Consumer Financial Protection Bureau, provided gristfor the political mill on Wednesday during the final generalsession of the 2013 Governmental Affairs Conference at theWashington Convention Center.
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CFPB Director Richard Cordray said banks that are avoidingrisky borrowers present a window of opportunity for credit unionsto pick up market share. He encouraged credit unions to bookmortgages that don't apply to qualified mortgage standards, buthave reasonable risk.
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Rep. Maxine Waters (D-Calif.) gave a spirited but abbreviatedversion of her prepared remarks Wednesday morning. Thehighest-ranking Democrat on the House Financial Services Committeesaid she had to cut her GAC speech short because she had to hurryback to the Capitol for a hearing that featured Federal ReserveChairman Ben Bernanke.
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Rep. Brad Sherman (D-Calif.) opened his GAC speech Wednesdaymorning with a zinger, saying it was nice to be in a large roomfull of financial institution executives in which not one persontook TARP bailout money.
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Sen. Elizabeth Warren (D-Mass.) made headlines Wednesday,including in the Wall Street Journal andBloomberg, when she asked her GAC audience to advocate forthe CFPB and Director Richard Cordray during their Capitol Hillvisits with Members of Congress.
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