Cordray Trades Barbs Over Bank Regulation

By  |  January 31, 2012
 | 

On Tuesday the Senate Banking Committee’s top Republican, Richard Shelby, R-Ala., traded barbs with new CFPB chief Richard Cordray over some of its newly adopted rules, according to a report by MarketWatch.

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    The regulations under scrutiny require banking institutions to disclose exchange rates and fees attached to international money transfers.

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    “I am concerned that you have displayed a propensity, perhaps to use technicalities, to achieve your own goals,” said Shelby. “Rather than conduct a cost-benefit analysis to determine if this rule is justified, the bureau has indicated that it will impose the rule and examine its impact after the fact.”

    Cordray countered the comment by claiming the regulation was proposed by the Federal Reserve prior to the bureau’s inception.

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