CBA Issues White Paper Advocating CFPB’s Use Of Rulemaking And Guidance In Lieu Of “Regulation By Enforcement”

The Consumer Bankers Association has released a new white paper, “The Case For Regulation Through Rulemaking & Guidance,” that advocates for the CFPB to use rulemaking and informal written guidance in lieu of attempting to create new industry regulatory standards through enforcement.  Attorneys from Ballard Spahr’s Consumer Financial Services Group assisted CBA in preparing the white paper.

The white paper forcefully makes the case for why rulemaking and informal written guidance are more effective tools than enforcement for the Bureau to use to create new standards and expectations for industry.  Key arguments made by CBA include: