Banking Groups Oppose CFPB's 'Generic' Cost Survey

Law360, New York (August 14, 2012, 2:03 PM EDT) -- Bank lobbying groups on Monday said that a Consumer Financial Protection Bureau request to provide financial institutions with a "generic" survey of the compliance costs of any proposed rule does not sufficiently take into account banks' different profiles and should be scrapped.

In a letter, the American Bankers Association and the Consumer Bankers Association said that the federal consumer finance watchdog should be required to have the Office of Management and Budget approve any new survey that the agency sends out to banks and other financial...
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