Cordray tells senators CFPB already tailors rules for small financial institutions

The CFPB already tailors its rules to take into account the size of a financial institution, agency Director Richard Cordray told 70 senators last week.

Responding to the senators’ call to provide regulatory relief to small credit unions and other financial institutions, Cordray restated agency policy and gave several examples of rules that he said were designed to take into account the regulatory burden small financial institutions face in complying with the agency’s rules.

“As I have expressed in the past, the bureau recognizes that community banks and credit unions did not cause the financial crisis,” he wrote. “For that reason, the bureau is committed to ensuring that the regulations that we promulgate are well-tailored and effective.”

continue reading »