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 on Tuesday renewed his commitment to ensure that they don't face unnecessary additional regulatory burdens.
He told the Senate Banking Committee that credit unions and community banks are successful business models and are the institutions that are most responsive to the needs of consumers and that his bureau wants to ensure that its regulations to protect consumers don't hurt them.
He said the CFPB would create advisory panels of credit unions and community banks to provide input before the agency issues proposed rules.
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