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Republicans Focus on Costs of U.S. Consumer Bureau Rules

Republican lawmakers today escalated 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.

Senator Richard Shelby, the top Republican on the Senate Banking Committee, took aim at a rule published Jan. 20 on remittances, charging it is inconsistent with the agency’s stated goal of lowering costs for consumers.