CFPB Rules Hinder Small Business Lending, GOP Says

Law360, New York (July 24, 2012, 4:05 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray on Tuesday clashed with Republicans on a U.S. House of Representatives panel who accused his agency of formulating unwieldy, overreaching regulations that would limit financial institutions' ability to lend to consumers and small businesses.

Republicans on the Oversight and Government Reform's TARP and Financial Services Subcommittee claim rules being crafted by the CFPB place unnecessary regulatory burdens on small banks and credit unions and could freeze the consumer credit market. They highlighted the agency's 1,099-page proposed rule for mortgage...
To view the full article, register now.