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The Boston Globe

Business

Banks call new consumer agency a drag on business

WASHINGTON — Bankers and financial industry leaders are criticizing the new US consumer finance watchdog, saying a slow and inefficient oversight process has slowed lending and made it difficult for them to do business.

The Consumer Financial Protection Bureau’s team that examines banks is understaffed, inexperienced, and takes months to tell banks how they scored on routine audits, the Consumer Bankers Association’s chief executive, Richard Hunt, said Tuesday. For some bank examiners, it is their first job out of college, he said.

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