70 US Senators Request CFPB Easing/Tailoring
On June 18, 2016 Nevada Senator Dean Heller and a supermajority of the Senate - 70 Senators - asked the CFPB to ease its regulatory requirements for community banks and credit unions. (letter attached)
The senators wrote CFPB Director Richard Cordray, urging that the bureau to use its authority to exempt or tailor its regulations in order to prevent undue burdens on community lenders. Senator Heller has previously brought up this issue in the Senate Banking Committee to highlight that though the CFPB does have this exemption and tailoring authority it has been seldom used by the CFPB.