Newsroom

The Consumer Financial Protection Bureau last week launched its Streamlining Regulations Feedback Web Tool to facilitate public comment on which consumer rules the bureau inherited from other agencies could be updated or eliminated.

NAFCU is currently preparing its official comment to the CFPB regarding this streamlining initiative, which involves a review of regulations the bureau inherited from seven financial services regulators under the Dodd-Frank Act. NAFCU has been in ongoing communications with the bureau regarding various issues of importance to federal credit unions, including burdensome regulations.

In announcing the online tool, CFPB Director Richard Cordray said the bureau seeks to "reduce the burdens imposed by existing regulations without reducing actual value to consumers."

The Internet-based tool features drop-down menus and links to CFPB regulations. It also offers multiple comment boxes where consumers can write their comments.

The tool is part of the CFPB's effort to eliminate or streamline rules that are outdated, unduly burdensome or unnecessary. The bureau issued a request for comment in November. For more information, read NAFCU's Regulatory Alert. Comments regarding the CFPB's effort to streamline rules are due to the bureau by March 5.