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Tuesday, Jan 15, 2013 10:15 PM UTC

Banks say new agency’s oversight is slow, costly

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Topics: From the Wires,

WASHINGTON (AP) — Bankers say flawed oversight efforts by the government’s new consumer watchdog are slowing lending and hurting their businesses.

The leader of a major banking trade group said Tuesday that the Consumer Financial Protection Bureau is short-staffed and its regulators inexperienced. The official, Consumer Bankers Association CEO Richard Hunt, said the agency’s field teams are requesting reams of unnecessary data and forcing banks to wait nine months or more to learn the results of their examinations.

Hunt said the director of the agency is aware of the problems and is trying to address them. A CFPB spokeswoman disputed Hunt’s characterization. She said CFPB Director Richard Cordray is pleased with the bank oversight team’s progress.

The CFPB was created in 2010 to protect consumers from unfair loans and other problematic practices.

More By Daniel Wagner.

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