Simpler Rules for Small Banks’ Benefit Mulled by CFPB: Chopra

The Consumer Financial Protection Bureau is considering simplifying rulemaking to allow smaller financial companies with limited compliance budgets to better understand new regulations, agency Chief Rohit Chopra said.

Current rulemaking at the CFPB and other federal agencies disproportionately benefits global banks and other large firms, Chopra told the Senate Banking Committee on Thursday. Some of those companies have enormous compliance departments that are larger than the CFPB, he said

The CFPB will pursue “clear, bright lines” of rules that are “easy to follow, easier to enforce,” said Chopra, who took over the job earlier this month.

“In some cases, it’s ...