The CFPB has announced in a blog post its intent to study the extent and nature of compliance costs. From the blog post: “Regulations can have many benefits for consumers, but the benefits sometimes come at a cost.”
The CFPB’s Research, Markets, and Regulations team will begin studying the costs related to rules the CFPB inherited from other agencies. As a first step, the team will speak to banks about the costs they incur to comply with consumer regulations for deposit products and services—including products like checking accounts and debit cards.
Read the blog post.