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.
“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.”