An in-depth look at the debut of the Consumer Financial Protection Bureau is featured in the July 20 edition of Credit Union Times.
Testy exchanges focus on potential compliance costs and financial products targeted for increased scrutiny.
Inclusion under new bureau followed credit union, bank industry push.
With the Consumer Financial Protection Bureau launch about a month away, credit union executives are expecting to spend more money and time complying with myriad of new regulations.
Senate meeting this week only enough to prevent recess appointment of Warren to head of new CFPB.
Credit union trade groups are cautiously optimistic while Republicans are downright frustrated with the early moves of the new consumer bureau.
Two versions of form introduced by Elizabeth Warren in conference call, will get tested by consumers and brokers in six cities.
Everybody in Congress and in the Obama administration say they are for consumer protection. However, in the debate over the new consumer bureau, it depends on what the meaning of “consumer protection” is.
House Republicans last week took the first steps to change the structure of the new consumer protection bureau in a way that Democrats say would weaken it.
Republicans say bureau director would have too much power unless bureau structure is changed.