Consumer Agency to Review Outdated Regs on Mortgages, Other Products
November 4, 2011
The newly formed Consumer Protection Financial Bureau is ready to begin
reviewing copious regulations on mortgages and other common financial products
affecting the lives of most Americans. The CPFB inherited many of the
consumer-oriented divisions of existing U.S. agencies and now must "streamline
and simplify rules" to guarantee that consumer lending and other services
function properly and that lenders are sufficiently transparent, explained Raj
Date, de facto head of the agency, before Congress on Nov. 3. "The Bureau has
inherited from other agencies numerous regulations, many of which have been on
the books for years," Date told the House Financial Services subcommittee, as he
reviewed the watchdog’s first 100 days and touched on future challenges.
"Changes in technology, market practices, and the legal landscape may have
caused some of these rules to be obsolete, unnecessary, redundant, or
counterproductive." Date said the review is to begin in November. In the
meantime, he said the CFPB's first 100 days has accomplished a great deal,
including the launch of consumer education campaigns; meetings with consumers,
consumer advocates, civil rights organizations, trade groups, and industry
representatives; hiring of an estimated 700 staffers, and initiation of on-site
examinations of the country's biggest banks.
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