When it comes to new regulations, less is more.
|That's the message CUNA President/CEO Bill Cheney conveyed toRichard Cordray, President Obama's nominee to run the Consumer FinancialProtection Bureau.
|He urged Cordray to “consider ways in which the bureau can helpminimize regulatory requirements for credit unions and otherfinancial institutions.”
|Cordray, who has been running the new agency's enforcement division since January, was Ohio attorney generalbefore losing in last fall's elections.
|The Senate Banking Committee is scheduled to hold a confirmationhearing on his nomination next month. But Senate Republicans have vowed to block the nomination of any CFPB director unless there arechanges made to the bureau's structure, including a five-memberboard to run it.
|The House passed legislation that would accomplish that but SenateDemocrats and the Obama administration have opposed it.
|In his letter to Cordray, Cheney also reiterated his suggestionthat the bureau create an Office of Regulatory Burden Monitoring tohelp the agency track the impact of its regulations and try to“mitigate the cumulative regulatory burden” faced by credit unionsand other small financial institutions.
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