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Monday, May 14, 2012

CFPB Defends Its Purpose to Cleveland Fed

CFPB Associate Director of the Regulations Unit, Leonard Chanin, was interviewed at the Cleveland Federal Reserve. The CFPB has posted an edited transcript of the interview. Chanin responded to questions regarding the need for a consumer finance regulator, the role of the CFPB, and the extend of the CFPB’s authority.
Our supervision authority extends to depository institutions with over $10 billion in assets, and, of course, certain nondepository institutions, such as finance companies. But the regulations generally apply to nearly all institutions, subject to certain exceptions established by Congress in the Dodd–Frank Act.

We keep in mind the impact that regulations have on community banks and small institutions. If it is feasible to have special rules or limited rules, or even exceptions for community banks and for smaller institutions more generally, we will look at those possibilities.

We are mindful of how regulations can affect the options that consumers have.
Read the full interview.

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