9/7/2011

The Senate banking committee held a hearing regarding President Barack Obama's nomination of Richard Cordray, former attorney general of Ohio, as director of the new Consumer Financial Protection Bureau. However, Senate Republicans, led by Sen. Richard Shelby of Alabama, reiterated their plan to block any nominee to the position. "All of the bureau's power is concentrated in the hands of its director," Shelby said. CBA President Richard Hunt expressed concern about what products the CFPB might deem "abusive" and how it would go about regulating mortgages, loans, checking accounts and credit cards. "We think the word 'abusive' could lead to certain products being banned," Hunt said. "Our economy is much more dynamic than just a simple 30-year fixed interest mortgage. Our customers are way too sophisticated for that. And it stifles innovation."

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