In response to concerns from credit unions, banks and other financial service providers over compliance costs, the Consumer Financial Protection Bureau (CFPB) says it studying the issue.
“Regulations can have many benefits for consumers, but the benefits sometimes come at a cost,” the agency posted on its blog yesterday.
The CFPB says it wants to know the extent and nature of compliance costs, so they intent to talk with financial institutions across the country to find out what costs they incurred to comply with consumer regulations for deposit products and services. These include products like checking accounts and debit cards.
Through this research, the CFPB says they hope to become better and smarter regulators.