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Financial regs to get streamlined

By Marcie Geffner · Bankrate.com
Wednesday, December 7, 2011
Posted: 12 pm ET

The Consumer Financial Protection Bureau, or CFPB, plans to streamline a number of regulations it "inherited" as part of its inception from seven other agencies. And it's asking the public for advice on how to tackle the job.

Raj Date, special adviser to the Treasury on the CFPB, said in a statement the goal is to "make it easier for banks, credit unions and others to follow the rules."

The CFPB has issued a Notice and Request for Information, asking the public to help prioritize which regulations should be most quickly updated, modified or eliminated because they're outdated, unduly burdensome or unnecessary.

The regulations previously belonged to the Federal Reserve, U.S. Department of Housing and Urban Development, Federal Deposit Insurance Corp., Federal Trade Commission, National Credit Union Administration, Office of Comptroller of the Currency and Office of Thrift Supervision.

The comment period will consist of 90 days for public comments and then another 30 days for the public to respond to the comments that were received.

Meanwhile, the CFPB is still operating without a director.

The Senate Banking Committee has approved President Barack Obama's nomination of Richard Cordray, a former Ohio state attorney general and current chief of enforcement at the CFPB, to the position.

A full Senate vote is expected this week.

However, 44 Republican lawmakers have pledged to block any nomination unless the agency and the director are made less powerful. They want the CFPB to be run by a commission, instead of one person, among other demands.

Follow me on Twitter: @marciegeff.

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