Search
 
Commentary

Guest Opinion: CFPB’s ‘Public’ Regulatory Philosophy

With a long to-do list and a director in place, the folks at the Consumer Financial Protection Bureau are off and running. Interestingly, they are off and running on a different path than traditional federal agencies.

By Lauren Calhoun | Updated on May 14, 2012

With a long to-do list and a director in place, the folks at the Consumer Financial Protection Bureau are off and running. Interestingly, they are off and running on a different path than traditional federal agencies. The CFPB has taken a different approach to public involvement and, most notably, the rulemaking process. The bureau has a unique regulatory philosophy that includes seeking early consumer and industry feedback and doing so in a nontraditional manner and in more contemporary forums. While questions remain about the appropriateness and impact of this approach, credit unions should take note. Early involvement in the rulemaking process may be key to ensuring your voice is heard.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the CFPB as an independent bureau with a mission to “make markets for consumer financial products and services work for Americans.” To this end, the CFPB has provided consumers with myriad educational resources as well as opportunities to seek out feedback on consumer financial products and services, including an online complaint-filing system;

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.