CFPB moves to streamline inherited financial regulations
The Consumer Financial Protection Bureau is asking for commentary on ways the agency can streamline dozens of financial and lending regulations it inherited from other agencies. Many of the rules relate to residential lending and the housing economy, with the agency inheriting regulations from the Federal Reserve, the Department of Housing and Urban Development, the Federal Deposit Insurance Corp., the Federal Trade Commission, the National Credit Union Administration, the Comptroller of the Currency and the Office of Thrift Supervision. The agency will oversee mortgage disclosures and the entire lending industry through the Truth in Lending Act. "Our goal is to make it easier for banks, credit unions and others to follow the rules," said Raj Date, special adviser to the Secretary of the Treasury on the CFPB. "We’re asking the public to help us identify and prioritize concrete ways that we can streamline the regulations we inherited so that they work better for consumers and the firms that serve them." The goal is to use this opportunity to simplify regulations that are too difficult to understand, to standardize definitions and common terms and to update regulations that are now outdated or unnecessary because of technological innovations. The CFPB will publish a notice and request for information in the Federal Register. Once that notice goes on the record, the public will have a 90-day period to submit their comments. Write to Kerri Panchuk.