WASHINGTON (3/14/12)--The Consumer Financial Protection Bureau (CFPB) has extended its deadline to June 4 for comment replies to first-round comments on its regulatory streamlining project.
The CFPB last year announced it would accept public comment on how best to streamline the 14 rules that it inherited from the National Credit Union Administration, the Federal Reserve, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the Office of Comptroller of the Currency and the Office of Thrift Supervision.
The revisions are meant "to make it easier for banks, credit unions and others to follow the rules" and ensure that regulations work better for consumers and the firms that serve them.
Initial comments on the revisions were due March 5, and the CFPB planned to allow public responses to those initial comments to be filed for a 30-day period ending April 3. It is that deadline that has been extended.
The extension, the CFPB explained, is due to the anticipated number and complexity of the comments submitted in the first round of public comment gathering. The extension will also allow interested parties more time to consider and craft their responses.
The Credit Union National Association (CUNA) recently commented to the CFPB on this issue, urging the agency not to contribute to credit union's regulatory burdens and instead, to help minimize them.
CUNA also urged the agency to consider how it can exempt credit unions from future regulatory requirements, and said the CFPB should focus on examining how the mortgage lending process could be improved for consumers and lenders alike.
The CFPB should conduct similar regulatory streamlining reviews on an annual basis, publishing a list of rules it plans to review before the start of each year, CUNA said. If the agency decides to review rules on an individual basis, the Truth-in-Lending and Real Estate Settlement Procedure Acts "should be at the top of the list for review and improvements," CUNA added.