Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
2021-2022 Tax Planning Guide
Proposed Regulations for Inherited IRAs Bring Unwelcome Surprises
CFPB’s Approach to Regulations
How To Identify Your Accounting Software Budget in 3 Easy Steps
On June 17, 2022, the Consumer Financial Protection Bureau (CFPB) released a blog post about the CFPB’s transition of intending to issue less complicated rules and more guidance. The CFPB notes regulators have historically issued complicated and tailored rules instead of guidance and rules adaptable to a changing marketplace. It wishes to write simple and straightforward rules.
The CFPB acknowledges overly complicated rules are relatively harder for smaller institutions to understand and comply with. It intends to issue simple, bright-line guidance and rules, minus unintended loopholes, to limit the need for high-priced lawyers and creative lawyering. The result should be more consistency among regulators enforcing laws and regulations.
The CFPB is reviewing rules issued by other agencies and other rules it thinks need a fresh look, including the following:
The CFPB will increase its interpretation of existing laws via its Advisory Opinion program. It will promote consistency among enforcement agencies via the Consumer Financial Protection Circulars. The result should be greater clarity to financial institutions by encouraging consistent enforcement among government agencies.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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