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Washington
CFPB addresses reg implementation criticisms
WASHINGTON (4/7/14)--The Consumer Financial Protection Bureau seems to have gone on the defensive last week regarding regulatory burden as its director, Richard Cordray, told a lawyers' group that his agency is "very committed to developing sensible and workable solutions" to regulatory implementation issues.

Cordray made his remarks before the American Bar Association.

Cordray emphasized that the CFPB's rulemaking process "does not end with finalizing a set of rules."

"It is not good enough for us to take the view that once new rules are published, our work is done and we can say to financial institutions that 'it is your problem now,'" he said.

"If the point of our regulations is to protect consumers and to promote fair, transparent, and competitive markets, then we should care a great deal about how well the rules are implemented," he added. 

Cordray noted that the many operational and compliance changes that a regulatory change can prompt pose interesting problems that "may not be fully understood until the process is under way and the problems are confronted directly."

It can also be difficult for financial institutions and others to gauge the appropriate length of the implementation period for a given rule or set of rules, he added.  

Cordray said it is unclear how best to resolve these regulatory dilemmas, but noted the agency is very committed to developing sensible and workable solutions.

"We will continue to learn more about these issues by deepening our outreach to vendors and taking other steps to set appropriate implementation periods," he said. 

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