WASHINGTON – House members and senators addressing NAFCU's Congressional Caucus today spoke along party lines-Democrats supportive and Republicans against-a proposal to create an agency that would regulate consumer financial products.
Although the group was receptive to members of both parties, the Republicans' message on the new agency was greeted with strong applause while Democrats were met with silence.
Sen. Bob Corker (R-Tenn.) said when he first saw the administration's proposal with its restrictive rules about what products financial institutions can offer it was so extreme that "I thought I was having an out of body experience."
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He urged credit unions to "keep your head down" and not be too aggressive in seeking more authority.
Sen. David Vitter (R-La.) said the new agency would "institutionalize one of the key failures that caused the crisis, dividing pro-consumer initiatives from the regulation of safety and soundness concerns."
Rep. Brad Miller (D-N.C.) said the agency would take the consumer protection of certain parts of the government "that haven't been doing their job and put them into one place that will."
Rep Ed Perlmutter (D-Colo.) said the legislation is "aimed at fixing specific problems in the consumer arena, and it's not a blanket approach."
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