WASHINGTON (3/10/16)--The House Financial Services Committee Wednesday announced that Consumer Financial Protection Bureau Director Richard Cordray will appear before that panel March 16. Cordray testifies before the U.S. Congress twice annually to report on his agency's activities and to answer lawmakers' questions.
The Credit Union National Association, the state credit union associations and credit unions have successfully encouraged lawmakers to sign on to a letter reminding the CFPB that Congress intentionally provided it regulatory flexibility to mitigate collateral damage on smaller financial institutions.
The letter, composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio), cites a Government Accountability Office study that shows how increased regulatory burden for credit unions and other small institutions leads to reduced lending.
As of Wednesday, 330 congressman, representing a bipartisan coalition, had endorsed the message of the letter. (See related story: Call for CFPB to protect CUs hits 330 signers, and counting.)
Next week’s hearing is scheduled to start at 10 a.m. ET. Additional information and a livestream of the hearing can be found at financialservices.house.gov.