Consumer Financial Protection Bureau Director Richard Cordray Thursday balked at the financial industry’s frequent requests for long rule implementation times.
“Industry representatives often seek a long implementation period, but they rarely provide any persuasive data to explain exactly why the estimated period is actually justified,” Cordray said.
He added the CFPB would benefit from getting more and better guidance from the financial sector on how long implementing regulations should take and why.
Defending the agency’s rule-writing process, Cordray said the CFPB is working with financial services companies to resolve ambiguities, discuss obstacles to implementation, and to work through any serious, unintended consequences.
On mortgage regulations, he said his agency tweaked and clarified the rules where needed, which included reopening the notice-and-comment process several times in limited areas to revise them.
Cordray’s comments came in a speech to an American Bar Association administrative law conference in Washington, D.C.