Faced with the task of streamlining regulations inherited from other federal agencies, the Consumer Financial Protection Bureau is asking the public for suggestions.
In a recent notice for a request for information, the CFPB asked the public to provide it with a list of its inherited regulations ranked in order of what should be the highest priority for updating.
The bureau is looking for outdated, unnecessary or overly burdensome rules that may need to be revised or eliminated.
The notice also requested suggestions for practical measures to make it easier for the financial industry to comply with the regulations.
The bureau is responding to complaints from banks and other financial firms that many regulations have become too complex and unnecessarily difficult to understand and have extremely high compliance costs.
Some of the regulations inherited by the bureau come from several different agencies that are all implementing the same law. The bureau is looking for ways to harmonize these rules.
"Our goal is to make it easier for banks, credit unions and others to follow the rules," Raj Date, the special adviser to the Secretary of the Treasury on the CFPB, said, HousingWire.com reports. "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."