The Consumer Financial Protection Bureau is initiating a process for streamlining and updating its consumer regulations with bureau officials seeking public input on which rules should be looked at first.
"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,” said Raj Date, Special Advisor to the Secretary of the Treasury assigned to the CFPB.
In creating the new consumer bureau, Congress charged the CFPB with reducing "unwarranted regulatory burden" by updating, modifying or eliminating regulatory provisions.
The Dodd-Frank Act also authorized the CFPB to make "adjustments and exceptions to statutory requirements where necessary or appropriate to facilitate compliance."
In a Federal Register notice seeking public input, the bureau says it may relax, reduce or eliminate regulatory requirements based on the size of the providers, especially small ones. “Our goal is to make it easier for banks, credit unions and others to follow the rules,” Date said.
The CFPB is seeking public comment on its regulatory streamlining initiative for 120 days.
