August 19, 2022

Bucks: How to Build a Better Regulator

In this weekend’s Your Money column, I look at the Consumer Financial Protection Bureau’s efforts to become a sort of open-source regulator, where consumers help make the rules and suggest tweaks to regulatory works in progress.

The bureau has already put a fair bit of work in on this. There is its blog, which accepts comments (unlike, say, the White House’s). And the bureau has asked for input on its efforts to create a simpler mortgage disclosure form and figure out which nonbanks are big enough to fall within the bureau’s statutory purview.

Matt Stoller, whom I quote in the column, says he hopes that the bureau will do things like create a forum for consumers to post, for instance, recordings of calls that debt collectors have made to them so that the bureau can listen in, too.

What else would you suggest that the bureau do to help bring the public (both banks and consumers) in on its everyday activities?

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