During a Senate Banking Committee hearing for a semi-annualreport to Congress Thursday, CFPB Director Richard Cordray reiterated his belief that thebureau cannot provide a blanket exemption to credit unions.

Cordray held close to comments he made during his HouseFinancial Services Committee hearing on March 16 that the CFPB has made allowances forcredit unions and other small financial institutions in some of itsrulemaking.

Sen. Tim Scott (R-S.C.) questioned the director on Section 1022of the Dodd-Frank Act, asking if the bureau sees a need forfollowing the often quoted provision in the act.

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Regulatory & Compliance