Although they're fighting various regulatory battles with each other, banks and credit unions Tuesday identified a common enemy Tuesday that they say are hindering their ability to make loans to small businesses.
The regulatory regime established by Dodd-Frank and in particular the creation of the CFPB have increased regulatory costs to the point where financial institutions are finding it difficult to lend money to even their best customers, witnesses told a House Financial Services financial institutions subcommittee.
CFPB supporters countered that the agency is providing effective oversight to a complex financial system.
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