In his response, Cordray stressed that the Dodd-Frank Act also charges the bureau with enforcing consumer financial protection laws “consistently” in order to promote fair competition. However, he also listed actions the CFPB has taken to tailor regulations, including an expanded safe harbor for small creditors, expanded exemptions for rural and underserved areas, relaxed appraisal requirements for small creditors and a Home Mortgage Disclosure Act reporting exemption for lower-volume depository institutions.
Cordray also noted the CFPB’s required use of Small Business Review Panels in its rulemakings, its Community Bank Advisory Council and the compliance resources posted on its website. Cordray concluded:
[T]he Bureau recognizes that community banks and credit unions did not cause the financial crisis. For that reason, the Bureau is committed to ensuring that the regulations that we promulgate are well-tailored and effective.
Read Cordray’s letter..
Read the senators’ letter.