CFPB Chief Richard Cordray has openly pledged that credit unions and small banks will not feel as tight of a regulatory squeeze as their supersized counterparts, according to a report by the Credit Union Times.
At the Jan. 31 Senate Banking Committee hearing, Cordray stated that the CFPB will work so that regulations are molded to protect consumers and not to hinder smaller financial institutions. He emphasized that those entities “had very little, really nothing to do with causing the financial crisis.”
He further noted that community banks retain successful business models and have the upmost diligence in regard to customer service.
In order to ensure a smooth, fair regulatory implementation, Cordray plans to create advisory panels made up of credit union and community bank representatives, who will provide guidance as the CFPB proposes new rules.
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