Truliant FCU President/CEO Marcus Schaefer told lawmakers Tuesday that there is a need for the Consumer Financial Protection Bureau.

But he also warned that "seemingly small regulatory moves" can have unintended consequences on credit unions and other small financial institutions.

Schaefer said in testimony before the Senate Banking Committee that even though the NCUA and other regulators have increased their efforts to protect consumers it "makes sense to have a regulator that focuses on the consumer."

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