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Some 70 senators signed a letter to CFPB Director Richard Cordray asking him to take into account the regulatory burdens on credit unions and community banks – and possibly exempt them from some rules.

“The CFPB must also consider its impact on community-based depository lenders, who are essential to spurring economic growth and prosperity at a local level, and not disrupt the good work of community lenders to help someone start a business, buy a home or car, or put their kids through college,” the group of senators, led by Sens. Joe Donnelly (D-Ind.) and Ben Sasse (R-Neb.), wrote.

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David Baumann


Credit Union Times

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