Senate Republicans renewed their fight against the Consumer Financial Protection Bureau on Tuesday, alleging that it would take more than 7.6 million man hours to simply comply with an international money transfers rule.
According to Richard Shelby, the ranking Republican on the Senate Banking Committee, CFPB rules passed earlier this month requiring banks and other instructions to disclose more about remittances, or the fees and exchange rates associated with international money transfers, are untenable, Reuters reports.
"Things are not getting better, just bigger and more unaccountable," Shelby said at a hearing examining the CFPB, according to Reuters. "In fact, our financial regulators have become bureaucracies that are now too big to oversee and it is only getting worse under Democrat rule."
Republicans have warned that the CFPB runs virtually unchecked and can only hurt lending and put small banks out of business.
Richard Cordray, the former Ohio attorney general and current head of the CPFB, said that the worst damage to community banks comes not from the CFPB but from the "complete lack of regulation" of bigger competitors making unwise loans, Reuters reports.
"We will be mindful of burdens that we're imposing on them," Cordray said, according to Reuters.