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Monday, April 14, 2014

Bill Introduced to Modify CFPB’s Information Request Process

Senator Dan Coats (R-Ind.) introduced a bill that would modify the way the in which the CFPB requests information from financial institutions with less than $10 billion in assets by requiring the CFPB to use publicly available information or obtain information from existing banking regulators. The bill would provide regulatory relief for community banks who spent more than $250 million to comply with new regulations during the first quarter of 2013, according to Sen. Coats’s press release.

The bill, The Community Financial Protection Act, would stipulate that:

  • The CFPB must use current and existing publicly available information and data prior to requesting any information from the prudential regulator;
  • If the CFPB does request information that is not currently publicly available, it must provide justification to the regulator as to why it needs that information
  • The prudential regulator has the authority to deny any request for information from the CFPB; and
  • The CFPB can only request institution-specific information rather than industry-wide information.

S. Joe DeHaven, President and CEO of Indiana Bankers Association, applauded Sen. Coats efforts and noted that the bill “is a solid step in the right direction to ensure that Hoosiers will have continued access to capital to invest in and build communities.”

Read Sen. Coats’s press release.

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