Federal, News, Oversight, Regulation

CFPB seeking information on cost of regulation compliance

cfpbThe CFPB recently announced in its blog that it was seeking information regarding the compliance costs associated with increased regulation.

“We want to increase public understanding of compliance costs,” the CFPB said in its blog. “As a first step, we will talk to banks across the country about the costs they incur to comply with consumer regulations for deposit products and services. These include products like checking accounts and debit cards, which nearly all banks offer and most consumers use. Through our research, we hope to become better and smarter regulators.”

The CFPB was formed under the 2010 Dodd-Frank Act and oversees a number of aspects of the financial industry, including, most recently, debt collection agencies and reporting firms. It began official operations in 2011.

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