As required by the Dodd-Frank Act, the Bureau of Consumer Financial Protection is soliciting views on the priorities it should set in updating, modifying or even eliminating the rules under the fourteen laws transferred to its jurisdiction from other agencies when the bureau began formal operations in July. The request also seeks suggestions to ease the compliance burden associated with these rule, beginning a process that could result in substantive change in a wide array of rules governing consumer finance. These changes could not only reduce burden or modernize current rules, but also significantly tighten them or even alter the overall construct on which financial institutions now focus compliance, risk-management and strategic operations.
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