The Consumer Financial Protection Bureau unveiled its eRegulations website yesterday as a means to consolidate regulations into a single, easy-to-navigate tool.
The website was created to replace regulations guidebooks so users could sort through statues faster.
“One thing that’s become clear during our two years as an agency is that federal regulations can be difficult to navigate. Finding answers to questions about a regulation is hard,” said the CFPB’s blog about the need for eRegulations.
“We wanted to make it really easy to navigate,” said Matt Burton, acting CIO of CFPB.
CFPB expects compliance officers, regulation attorneys and some banks will mostly use the site.
The website itself is a three paneled. The left side lists the sections within a regulation. The middle panel displays the text of the section with underlined words that are defined when clicked. The third panel offers a section analysis and the option to bookmark a section.
Users are also able to search words within the document and look at sections they recently viewed.
The website also tells the reader when a part of a regulation has been amended and when it will take effect as well as showing past, current and future versions of the regulation.
CFPB made eRegulations open source so agencies and developers could change the website where needed.
“[CFPB] and the rest of the community can do a lot to make this more powerful,” Burton said.
Burton hopes other agencies will adopt the model.
Currently, only Electronic Fund Transfers Regulation E is on the site. CFPB plans to add the larger Regulation Z in the future.
According to Burton, before more regulations are put into the tool the parsing system, which automatically recognizes and separates paragraphs and sections, needs to be perfected.