Don’t keep your comments to yourself

Cornell’s “Regulation Room” ranks among bank challenges.

by. Nancy Derr-Castiglione

We all know that we should be writing comment letters to regulatory agencies expressing our opinions about regulatory proposals that affect our institutions.

The trade associations as well as the traditional regulators have been telling us for years how important it is to send in those comment letters and how carefully they read and consider that input.

But, frequently we don’t find the time—or make the time—to submit those comment letters.

It’s not that we don’t care.

We’re too busy implementing the last dozen or so regulatory final rules that have been issued. No time to worry about the ones that haven’t even been finalized yet.

The problem is that if we in the banking industry don’t comment on proposals relating to consumer regulations, the regulators are going to focus more and more on the input they are receiving.

And that is from consumer groups and from the consumers themselves.

CFPB’s Regulation Room

The Consumer Financial Protection Bureau is taking greater effort to solicit input from individual consumers and interested groups that have traditionally not participated in the rulemaking process before.

continue reading »

More News