WASHINGTON — The Consumer Financial Protection Bureau is seeking input on ways to streamline regulations under the consumer financial laws it inherited from other regulators under the Dodd-Frank Act.
The bureau issued a notice and request for information Tuesday asking the public to identify the regulations most in need of updating or elimination because they are outdated, overly burdensome or unnecessary. It also asked for suggestions on how to make complying with the rules easier.
"Our goal is to make it easier for banks, credit unions and others to follow the rules," Raj Date, the bureau's interim leader, said in a press release. "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 comment period is open for 90 days, plus an additional 30 days for individuals or groups to respond to other comments.
Options for streamlining the regulations could include simplifying rules that have become unnecessarily difficult over time; standardizing definitions of common terms across regulations; updating rules that are outdated due to changing technology; and removing unnecessary restrictions on consumer choice or business innovation.
The bureau plans to republish the rules it inherited in the coming weeks, and will use the input to determine opportunities for streamlining and develop an appropriate schedule for proceeding.