AUSTIN — Days after he suggested smaller banks should be subjected to different consumer-compliance rules than larger ones, Consumer Financial Protection Bureau Director Richard Cordray said regulators simply should consider the differences between financial institutions when crafting rules for everyone.

"What I have said is there are different institutions at different levels of sophistication and that's something that we should very much take into account as we go about writing regulations for the broader market," Cordray said in remarks to the Consumer Bankers Association convention here. "As to where we draw those lines, it's going to vary from market to market, (and) it's going to vary from product to product."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.