WASHINGTON—No issue at this year’s GAC was more polarizing than the new Consumer Financial Protection Bureau. Speakers, particularly politicians, were either completely against it or completely for it, depending upon which party they represented.
Robert Allen, CEO of the 218,000 member, $4 billion Teachers Federal Credit Union, joined executives from Citibank, Bank of America and other banks.
Consumer Financial Protection Bureau Director Richard Cordray said his agency is discussing how best to proceed on additional regulations concerning overdraft protection and other checking account disclosures. The CFPB could issue proposed rules later this year.
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 ensure that they don’t face unnecessary additional regulatory burdens.
CFPB director testifies Tuesday at Senate Banking Committee hearing.
House Republicans asked tough questions of Richard Cordray about his plans for running the Consumer Financial Protection Bureau, but the session wasn’t as hostile as it was when Elizabeth Warren testified.
The hearing will take place the day after Valentine’s Day, but there probably won’t be any candy and flowers for the witnesses.
New CFPB director said he would work with credit unions and community banks to better understand impact of its actions.
State of the Union address expected to include focus on creation of Consumer Financial Protection Bureau, call for higher taxes on millionaires.
Panel chair says CFPB director's recess appointment "runs counter to the constitutional requirements for a recess appointment."