1/31/2012 – Republicans Said to Focus on Cost of U.S. Consumer Bureau Rules
Republican lawmakers may escalate their criticism of the U.S. Consumer Financial Protection Bureau over estimates that its first rule would require nearly 7.7 million employee hours of work to comply.
Republican senators will raise the issue on the impact of a proposed rule regulating international remittances when Richard Cordray, the consumer bureau’s director, testifies today in front of the Senate Banking Committee, according to three senior Senate Republican aides.
The bureau’s own estimates of the compliance burdens for that rule and others has caught the attention of lawmakers and staff critical of the Dodd-Frank Act, the aides said.
