CFPB exemption powers, DOL’s fiduciary rule could get hearing spotlight this week in Congress

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The heads of two agencies with rules that impact credit unions directly will be testifying on Capitol Hill this week. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and U.S. Department of Labor (DOL) Secretary Thomas Perez will appear before the House Financial Services Committee and the House Committee on Education and the Workforce, respectively.Cordray will appear as part of his semiannual report to the committee.“Director Cordray is expected to receive sharp questions from both sides of the aisle regarding the bureau’s rulemaking and supervisory actions,” said Ryan Donovan, chief advocacy officer at the Credit Union National Association (CUNA). “In recent weeks, we have pressed Congress and the bureau with our concern that the CFPB is not using its statutory exemption authority as fully as it could. We believe Congress gave the agency broad authority to tailor its regulations to the abusers of consumers, but the bureau has been very reluctant to use it as such.” continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *