With many lenders reporting unsustainable costs of compliance due to regulations approved and enforced by the Consumer Financial Protection Bureau, the agency is now saying it wants to hear about those costs.
In a blog post published last week, the CFPB says its research teams are working to determine just how much it costs for companies to comply with rules it has inherited from other agencies.
“We want to increase public understanding of compliance costs,” the post states. “As a first step, we will talk to banks across the country about the costs they incur to comply with consumer regulations for deposit products and services. These include products like checking accounts and debit cards, which nearly all banks offer and most consumers use.”
The initiative comes following ongoing dialogue among reverse mortgage lenders and other financial services providers who have stated the costs of compliance are in some cases, causing irreparable damage to independent business and causing undue hardship.
The CFPB says it will consider those costs along with the benefits consumers receive from the new regulations to become “better and smarter regulators.”
Written by Elizabeth Ecker