The Consumer Financial Protection Bureau will create a community bank advisory panel, Director Richard Cordray told a congressional committee at a hearing on Jan. 31. The panel will advise the director of community banker concerns and on the effects of CFPB actions.
“I made a promise…that we would work to reduce the burdens of our work on community institutions… I have told the community banks that I will create a special advisory panel of community banks that will speak directly to me,” Cordray said.
He also emphasized that the CFPB is committed to making its rules as minimally burdensome as possible. He gave the example of the remittance rule the Bureau announced on Jan. 20. The Bureau has an additional rule under consideration that would put a threshold on the remittance rule. The idea is that community banks and credit unions that are below the threshold would be freed of the burdens of the regulation. “We will take a similar approach wherever it is feasible,” he said.