CFPB requests information on its own enforcement process

Requests input from finance industry

The Consumer Financial Protection Bureau announced Wednesday it is investigating and requesting information on its own enforcement process.

The bureau announced it is seeking information to help assess the overall efficiency and effectiveness of its processes related to the enforcement of federal consumer financial law.

The request was led by Mick Mulvaney, who is currently serving as acting director of the CFPB until either President Donald Trump names a permanent replacement for former Director Richard Cordray or a federal court tells him otherwise.

The bureau announced back in January that it is issuing a “call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers.” It announced it will publish requests for public comment on the bureau’s enforcement, supervision, rulemaking, market monitoring, and education activities.

These “Requests for Information” will “provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.”

The bureau’s request for information on its enforcement process is the third such request in a series of RFIs.

Previously, the CFPB requested information, or feedback, on its administrative adjudications and a request for information on its civil investigative demands.

The CFPB announced it will begin accepting comments on its latest request after it is printed in the Federal Register, which is expected to occur Monday.

Next week, the bureau said it will release its next request for information on its supervisory processes.

As expected, these requests have been met with a mixed response from both the housing finance industry and politicians. Click here to read more about that.

And earlier this year, Sen. Elizabeth Warren, D-Mass., even accused Mulvaney of actively working to “halt and weaken critical agency functions” at the CFPB by freezing the collection of personal data.

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