Cordray to testify Thursday on Dodd-Frank

Feb. 11, 2013 – NAFCU will be paying close attention to a Senate Banking Committee hearing Thursday that will examine the Dodd-Frank Act and include testimony from CFPB Director Richard Cordray and other regulators.

The hearing, “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections,” is expected to focus largely on implementation of the Dodd-Frank Act, which created the CFPB.

NAFCU continues to press Congress and regulators to understand that the current pace of rulemakings, particularly those coming from the CFPB, are making it harder for credit unions to serve members. The association is maintaining ongoing communications with Cordray and CFPB staff as it seeks to prevent unnecessary growth in credit unions’ regulatory burden.

Also slated to testify Thursday are Federal Reserve Gov. Daniel Tarullo, Treasury Under Secretary for Domestic Finance Mary Miller, FDIC Acting Chairman Martin Gruenberg, OCC Comptroller of the Currency Thomas Curry, U.S. Securities and Exchange Commission Member Elisse Walter, and U.S. Commodity Futures Trading Commission Chairman Gary Gensler.

The hearing is scheduled for 10:30 a.m. Eastern in the Dirksen Senate Office building.