WASHINGTON Rep. Spencer Bachus, (R-AL) told CUNA’s GAC that he believes Richard Cordray’s appointment to head the Consumer Financial Protection Bureau will be ruled unconstitutional, which will reduce the regulatory burden on CUs.
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“That means every rule and regulation passed by the CFPB would be deemed invalid . . . As a result of that opinion, there are talks in the House and the Senate to form a bipartisan commission,” said Bachus, the chairman emeritus of the Financial Services Committee. “You will find that approach much fairer and less dictatorial.”
