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Financial Protection Agency Seeks More Input

WASHINGTON (CN) - The public will have until June 4 to comment on the first round of comments to the Bureau of Consumer Financial Protection on its incorporation of regulations inherited from other federal agencies.

The second round of comments is limited to responses to the first round of comments on how the regulations could be streamlined, updated or dropped.

Industry and advocacy groups had asked the CFPB to extend the deadline on the second round, due to the complexity of the issues brought up in the initial comments.

The CFPB was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 to conduct rule-making, supervision and enforcement of federal consumer financial protection laws.

The bureau took on several consumer protect functions from the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation and the Department of Housing and Urban Development.

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