In recent speeches, I have emphasized my view that we should aim for an effective safety and soundness regulatory approach that is as efficient, transparent, and simple as feasible.2 I consider these principles to apply equally to our consumer protection supervision program; that is, we should also strive to promote consumer protection with as much efficiency, transparency, and simplicity as possible.
I believe that a commitment to these principles is not only compatible with financial inclusion, but in fact helps promote it. Regulatory burden can make it harder for institutions to serve their customers and communities.