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U.S. Consumer Bureau Seeks Comment on Streamlining Finance Rules

The U.S. Consumer Financial Protection Bureau asked for public comment on ways to streamline the regulations it inherited from other federal agencies when it began work on July 21.

“Our goal is to make it easier for banks, credit unions and others to follow the rules,” Raj Date, the adviser to the Treasury secretary who is running the bureau in the absence of a permanent director, said in an e-mailed statement today.

Reducing the regulatory burden could come by simplifying regulations that have become incomprehensible, standardizing definitions across different rules, updating rules that technology has made outdated, or “removing unnecessary restrictions on consumer choice or business innovation,” the bureau said in the release.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

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