WASHINGTON (11/30/11)--The Consumer Financial Protection Bureau (CFPB) on Tuesday announced it would accept public input on how to best streamline over one dozen rules that it will soon inherit from seven federal agencies "to make it easier for banks, credit unions and others to follow the rules."
De facto CFPB leader Raj Date in a release said the agency is asking the public to help identify and prioritize concrete ways that the CFPB can streamline regulations to ensure that they work better for consumers and the firms that serve them.
Under the Dodd-Frank Act, rulewriting authority for more than 12 consumer protection laws was transferred from the National Credit Union Administration, the Federal Reserve, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the Office of Comptroller of the Currency and the Office of Thrift Supervision.
Overall, the CFPB said it plans to "consider practical measures to make it easier for firms, especially smaller ones, to comply with the inherited regulations," the release added. The CFPB added it would consider simplifying some regulations, standardizing some common terms across regulations, updating outdated or unneeded regulations, and removing unnecessary restrictions on consumer choice or business innovation as it reviews these regulations.
The Credit Union National Association was among those that took part in a Tuesday call on this CFPB endeavor.
The request for comment is expected to be published in the Federal Register soon. The public will then have a 90 day public comment period, followed by an additional 30 day period to respond to other comments, the CFPB said.