CFPB Seeking Input On Existing Regulations
Credit unions and other interested parties that want to comment on regulations relating to 14 consumer protection laws can submit comments to the Consumer Financial Protection Bureau.
The CFPB, which began operating in July, is responsible for enforcing those laws and wants to “make it easier for banks, credit unions and others to follow the rules,” said Raj Date, who is running the bureau in the absence of a permanent director.
The bureau noted that while the regulations “serve important public policy purposes and provide key protections to consumers,’’ there “ may be opportunities to streamline the inherited regulations by updating, modifying, or eliminating outdated, unduly burdensome or unnecessary provisions.’’
The laws include the Consumer Leasing Act, the Electronic Fund Transfer Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, and the Truth in Savings Act.
The comment period lasts for 90 days.