WASHINGTON — Sen. Bob Corker said today before Senate Banking Committee Chairman Christopher Dodd decided to introduce his own bill, he and Dodd had reached an agreement that the new consumer regulatory entity would be housed in the Federal Reserve and headed by a presidential appointee and would have authority over all institutions that offer financial products.

He said at a news conference that the compromise involved broad rulemaking authority for the new regulator, but the enforcement would be done by the prudential regulator. If the consumer regulator has concerns about a financial institution’s practices, they could send a representative to the examination being conducted by the safety and soundness regulator, such as the NCUA.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.