Raj Date, the acting head of the Consumer Financial Protection Bureau, announced on November 9 that the bureau will begin a targeted review to identify and address outdated, unnecessary and unduly burdensome regulations. Speaking before the American Bankers Association’s Community Bankers Council, Mr. Date stated, "I have been a vocal critic of the efficiency and effectiveness of bank regulation for my entire career. As an institution, we have no emotional attachment to the way things have been done in the past. If it doesn’t make sense, we’re going to stop doing it." Date noted that the bureau has inherited from other agencies numerous regulations that have been on the books for years, and invited bankers to provide input to identify the rules that should be priority candidates for review.
To visit the Consumer Financial Protection Bureau’s website, click here.
For more information about the review, click here.