CFPB requests input on its rulemaking process

Mulvaney issues another call for evidence to ensure bureau fulfills its functions

The Consumer Financial Protection Bureau today issued a request for input from the finance industry on its rulemaking process.

The bureau put in a request for information, and is seeking comments and information from interested parties to help assess the overall efficiency and effectiveness of its rulemaking process.

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on March 9, 2018. The RFI will be open for comment for 90 days.

This request is the seventh in a series of RFIs in recent weeks to find out the true effectiveness of its programs. The bureau announced it is seeking comments and information from interested parties to assess the effectiveness and efficiency of its supervision program. It also asks whether any changes to the program would be appropriate.

This series of RFIs was announced 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 previously requested information on the usefulness of its consumer complaint database, its supervision process, its enforcement process, its administrative adjudications and its civil investigative demands.

The CFPB announced it will request feedback on bureau adopted rules next week. It also plans on hitting other key topics in the weeks to come such as, inherited rules, guidance and implementation support, consumer education and consumer inquires.

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