Financial regulators and Congress have done a poor job of tailoring regulations to the size of financial institutions, the Treasury Department said Monday, in calling for many of the changes long advocated by credit unions.
"As banking regulators are approaching the full implementation of Dodd-Frank, nearly seven years after its passage, regulation has proven to be insufficiently tailored to depository institutions based on the size and complexity of their business models," the Treasury Department said in releasing its first report on redesigning the financial regulatory regime.
The report singles out the CFPB for particular criticism.
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