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