The new Consumer Financial Protection Bureau will give other regulators the chance to focus on their core mission, expand consumer choice and be heavily accountable to Congress, Deputy Treasury Secretary Neal Wolin said Tuesday
"The existence of the CFPB allows prudential regulators (such as the NCUA) to focus on their core tasks – making sure that banks have the capital, the liquidity, and the risk-management tools to ensure safety and soundness in the system. It allows the CFPB to focus on its own single task – to make sure that consumer financial products are offered in a fair, transparent and competitive way,'' he said during a speech on the progress of implementing the financial overhaul bill passed last year.
Wolin didn't address concerns raised by credit union and bank lobbyists that the new bureau would add to the regulatory burden of financial institutions.
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