Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Crapo CFPB rules likely to get lawmakers review
WASHINGTON (3/3/11)--Sen. Mike Crapo (R-Idaho) said he expects Congress to conduct public hearings on future regulations by the Consumer Financial Protection Bureau (CFPB). Crapo told a session at the Credit Union National Association’s (CUNA) Governmental Affairs Conference Wednesday the proposed new agency “doesn’t do what it claims.” The CFPB was created by the Dodd-Frank Wall Street Reform Act, which became law last year. The bill has been subject to hearings in the last few weeks. For instance, CUNA President/CEO Bill Cheney testified before a House subcommittee, also Wednesday, on the impact of the act on credit unions (See related story: "Cheney warns reg burden is growing ‘crisis.’") Crapo, the ranking Republican on the Senate Banking subcommittee on financial institutions, also said that the CFPB would “burden financial institutions with new rules, without preventing the kind of too-big-to-fail financial conglomerates that was a big factor in the recession.” The Idaho senator also said he hopes Congress will take another look at the controversial interchange fee provisions that were added to the Dodd-Frank Act at the last minute. The interchange provisions are currently scheduled to go into effect in July. He said efforts to write an effective exemption, as required by the law, for small card issuers like credit unions, have failed. He told the GAC session that credit unions should use their political influence to urge the Senate to take a second look at the interchange proposal.


RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
16 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
17 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
17 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
20 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
23 hours ago