CFPB Regulatory Burden Survey

The Consumer Financial Protection Bureau (CFPB) is requesting specific suggestions from the public for streamlining consumer financial services regulations. Those regulations include Regulation Z (Truth in Lending Act), Regulation E (Electronic Fund Transfer Act), Regulation B (Equal Credit Opportunity Act), Regulation C (Home Mortgage Disclosure Act), Regulation DD (Truth in Savings Act), Regulation M (Consumer Leasing Act), Regulation AA (Unfair or Deceptive Acts or Practices), Regulation P (Privacy Act), The Fair Credit Reporting Act, The Fair Debt Collection Practices Act, The Real Estate Settlement Procedures Act, The SAFE Mortgage Licensing Act, and the Interstate Land Sales Full Disclosure Act.

To assist ICBA in preparing comments, please complete the following survey by COB, February 24.

If you have questions, please contact Elizabeth Eurgubian, Vice President & Regulatory Counsel, at elizabeth.eurgubian@icba.org or 202-659-8111.

Survey Questions
1. What are the top three most burdensome compliance issues your community bank faces in providing consumer loans and deposit products?
2. Please identify any consumer regulatory provisions or requirements that you believe are outdated, unecessary, or redundant.
3. Which regulations do you believe the CFPB should streamline, and how do you believe they should be streamlined? Please explain.
4. What regulations do you think the CFPB should put at the top of their list for streamlining and why?
5. Under Regulation B (Equal Credit Opportunity Act), all creditors that take action on applications for credit must timely notify applicants of the action. Should creditors that receive a small number of applications be exempted from this requirement?
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