As it kicks off its five-year retrospective review of the Dodd-Frank remittance and mortgage rules, the Consumer Financial Protection Bureau is “sensitive” to the compliance burden of further changes to the rules, CFPB Director Richard Cordray said today.
“One thing we have learned is that whenever you try to ‘improve’ things, you create new transitional challenges as industry finds itself facing a moving target for compliance management,” he said at the U.S. Chamber of Commerce’s Capital Markets Summit. “So we will try to be sensitive to the need for further changes.”
Cordray emphasized that the bureau intends to continue working closely with industry participants to facilitate compliance and provide clarity. He noted that even attempts to streamline regulation — such as the merger of TILA-RESPA mortgage disclosures — “can come at considerable implementation cost,” but that “many businesses prefer more comprehensive language that answers questions explicitly up front, leaves less terrain undefined and uncertain, and minimizes the prospect of protracted and costly litigation.”