The Consumer Financial Protection Bureau (CFPB) recently outlined its method of periodically reviewing regulations under the Regulatory Flexibility Act (RFA) and requesting public input.
The agency has also published a notice requesting public input as part of its first RFA review examining the 2009 Overdraft Rule.
The effort stems from Congress specifying agencies review certain rules within 10 years of their publication, officials said, in addition to considering the rules’ effect on small businesses.
The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities, consistent with the stated objectives of applicable statutes. At the conclusion of each review, the Bureau determines whether the rule should be continued without change or should be amended or rescinded.
Public input is sought regarding continued need for the rule, the nature of public complaints or comments on the rule, and the complexity of the rule. Feedback will be requested as well for the extent to which the rule overlaps, duplicates or conflicts with federal, state, or other rules, and the time since the rule was evaluated or the degree to which technology, economic conditions or other factors have changed the relevant market.
The CFPB is also announcing the launch of its first RFA 610 review, which is of the 2009 Overdraft Rule, with officials noting in 2009 the Federal Reserve Board issued a rule limiting the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw consumers’ accounts.
The rule amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA).
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