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Thursday, March 13, 2014

CFPB Antonakes: Banks, Credit Unions, and Nonbanks Should Be Treated Alike

CFPB Deputy Director Steve Antonakes spoke before the National Community Reinvestment Coalition Annual Conference. In his prepared remarks Antonakes noted:

While the Bureau’s mandate focuses on consumer protection rather than on safety and soundness, we very much care about the financial health of banks and credit unions. As a veteran of two banking crises, I can tell you unequivocally that, in my view, consumer protection is not in conflict with safety and soundness. Consumers benefit from a healthy, competitive, and diversified financial services system through greater access to credit and competitive pricing. We hold that banks, credit unions, and nonbanks should be treated alike and receive similar oversight if they offer the same types of financial products and services.

Antonakes continued by noting the importance of strong management and proper investment in management systems. He continued by reviewing the multiple financial products that the CFPB is actively engaged in researching and regulating.

Read Antonakes full remarks.

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