On Friday, the CFPB launched a new online portal through which the public can submit comments on ongoing efforts to streamline inherited regulations. The move continues the Bureau’s trend of using its website to promote a more interactive and responsive regulatory feel. Over the past few months, the site has hosted dialogs between the Bureau, industry representatives, and consumers as part of Know Before You Owe Campaigns that have targeted disclosures related to mortgages, credit cards, and student loans. CFPB has also positioned its site as its preferred method for receiving and resolving complaints about consumers’ mortgages or credit cards. Indeed, the complaint portals remain the most prominent feature of the CFPB homepage. Read More
By: David A. Tallman
Adding to its already full plate, the Bureau of Consumer Financial Protection (the “CFPB” or the “Bureau”) recently requested public comment on its review of the various consumer financial protection regulations it has inherited from other agencies. The request signals that the Bureau does not intend for its higher-profile mortgage finance initiatives to overshadow its mandate to update, modify (or even eliminate) outdated, unduly burdensome, or unnecessary existing regulations. It also suggests that the CFPB is contemplating that its initial review of the inherited regulations may extend beyond mere technical corrections to more significant substantive changes.