CFPB aims to simplify rules and guidelines – Dodd-Frank, Consumer Protection Act

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On June 17, CFPB Director Rohit Chopra published a blog post summarizing the Bureau’s new efforts to more clearly communicate its expectations to the public, which would ultimately strengthen overall consumer protection.

First, the CFPB plans to issue guidance in simpler and more direct terms.

Second, the CFPB aims to implement longstanding congressional directives that have been ignored, such as consumer access to financial records, transparency in the small business lending industry, and quality control standards. valuation models under the provisions of the Dodd-Frank Act.

Third, the CFPB is considering using other congressional authorized authorities that would allow the registration of non-bank financial companies to identify scam artists and other bad actors, for example.

Fourth, the Bureau is reviewing rules it inherited from other agencies that have been tested in the market for several years and may need to be updated, such as the Fair Credit Reporting Act Implementing Rules originally developed. by the Federal Trade Commission.

Fifth, through its new rule-making petition process implemented in February 2022, the public has the opportunity to provide feedback by filing comments on all petitions, and increased transparency by making petitions publicly available. via the Bureau’s website.

Finally, through the CFPB’s advisory opinion program launched in 2020, the CFPB can quickly provide rules of interpretation to the public, allowing for greater clarity on existing law.

Put into practice : As highlighted in this blog post, the CFPB strives to provide market participants with clear guidance. Businesses subject to consumer protection laws should continue to monitor CFPB activity for any updates to guidance and interpretive materials and ensure that business practices continue to align with regulatory expectations.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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