The Consumer Financial Protection Bureau will soon begin reviewing federal financial regulations that may be unnecessary, according to Raj Date, the bureau’s special adviser.
Date, who is temporarily running the CFPB until a director is confirmed, testified during a House Financial Services’ Financial Institutions Subcommittee hearing on Thursday. He said the bureau “will initiate a targeted review of these rules in search of ways to update and streamline the regulations,” ABA.com reports.
Date told lawmakers that the bureau was not rushing to place unfair rules on the financial industry.
“First, we are committed to basing our judgments on research and data analysis,” Date said, according to ABA.com. “We will not shoot from the hip. We will not reason from ideology. We will not press a political agenda. Instead, we are going to be fact-based, pragmatic, and deliberative. And I am proud to say that we are building a team that is eminently capable of making good on that promise. We have hired top-notch regulators, researchers, lawyers and market practitioners.”
During the hearing, the committee’s chair, Rep. Spencer Bachus (R-Ala.), told Date he was worried that the CFPB yields too much authority.
“My fear is that there are simply no checks and balances,” Bachus said, according to ABA.com. “It could easily become loose cannon.”