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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.


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