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Assistant Treasury Secretary Michael Barr told lawmakers today that the proposed agency to regulate financial products would help credit unions and not add more regulation.

“Closely regulated credit unions and community banks with straightforward credit products struggle to compete with less scrupulous providers who appear to offer a good deal and then pull a switch on the consumer,” Barr told the House Subcommittee on Commerce, Trade and Consumer Protection. He said the new agency will level the playing field by putting “an end to regulatory arbitrage and unregulated corners that inevitably weaken standards across the board.”

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