The Consumer Financial Protection Bureau has rolled out a new online platform, eRegulations, to help make regulations easier to understand.
The web-based platform first includes Regulation E, for electronic funds transfers, and its contents, allowing users to identify and display rule definitions and terms. It also allows users to see past and present versions of rules to navigate through any changes that have taken place.
“The CFPB created this tool with the goals of increased compliance, more efficient supervision, and improved accessibility,” the agency stated in announcing the new online tool. “When all of those involved can better understand the regulations, the regulations are more likely to achieve their objectives and better protect consumers.”
Regulation E is just the first of the CFPB’s rules to be included; the agency expects eRegulations to be a work in progress.
The agency has previously compiled all of its new mortgage rules in a single, online portal, where it offers lenders a chance to see the rules and any changes in real time.
Written by Elizabeth Ecker