The Bureau of Consumer Financial Protection should conduct an extensive review of the regulations under its jurisdiction, CUNA wrote to the bureau Friday. CUNA sent a copy of its comprehensive white paper to the bureau in response to its request for information (RFI) on inherited regulations and inherited rulemaking authorities.
“This review should streamline requirements, eliminate outdated or superfluous requirements, and provide exemptions for certain industry stakeholders, such as credit unions and CUSOs, where appropriate,” the white paper reads. “It is critical that the Bureau keep in mind that any change in regulation—even a change intended to reduce regulatory burden—comes with a cost.”
CUNA’s recommendations to the bureau include: