The CFPB Wants Your Ideas

Published

February 24, 2012

Tom Quinn is Vice President of Scores at FICO (Fair Isaac), and has more than 25 years of experience in the credit industry with previous positions at FICO, Nomis Solutions, MDS (now known as Experian) and Citibank.

Last week the Consumer Financial Protection Bureau (CFPB) announced the availability of their new Streamlining Regulations Feedback Web Tool. The purpose of this new service is to facilitate one’s ability to make suggestion to streamline regulations the CFPB recently inherited from seven Federal agencies.

Anyone is welcome to make suggestions (you don’t have to be a lawyer or a vice president at a bank). Please note, the information posted becomes public information.

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The CFPB is interested in suggestions on provisions of the regulations that you feel the CFPB should make the highest priority for updating, modifying, or eliminating because they are outdated, unduly burdensome, or unnecessary. Their stated goal is to evaluate where they can reduce the burdens imposed by existing regulations without reducing actual value to consumers.

Note sure what the regulations say? The web tool offers simple drop-down menus and links to regulation text that allow you to find regulations and sections within those regulations more effectively. It also offers multiple comment boxes for you to provide specific feedback that can help the CFPB decide how to act.

The web tool can be found at CFPB regulation streamlining.

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Image: Caveman Chuck Coker, via Flickr.com