Small Banks Ask Break From Agency They Hoped Would Hurt BofA
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U.S. community banks, which sat out the final fight over the Dodd-Frank law of 2010 expecting it would rein in their biggest rivals, are now seeking exemptions from two pending rules of Consumer Financial Protection Bureau amid mounting concern about costs to their businesses.
In meetings with Richard Cordray, the agency’s director, the Independent Community Bankers of America has called on the agency to limit the reach of a rule on mortgage disclosures and a second one on underwriting standards for home loans.