CFPB requests input on adopted regulations and new rulemaking authorities

Continues to evaluate its processes

The Consumer Financial Protection Bureau put in a request for input on its adopted regulations and new rulemaking authorities.

The bureau issued a request for information and is requesting comments and information from interested parties on its adopted regulations and new rulemaking authorities. The CFPB explained it is considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act.

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on March 19, 2018. The RFI will be open for comment for 90 days.

This is the eighth request in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the bureau is “fulfilling its proper and appropriate functions to best protect consumers.

Mulvaney is currently serving as acting director of the CFPB until either President Donald Trump names a permanent replacement for former Director Richard Cordray or, federal court tells him otherwise or Congress replaces him with a bipartisan commission.

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 its rulemaking process, 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 its inherited regulations and inherited rulemaking authorities next week. It also plans on hitting other key topics in the weeks to come such as guidance and implementation support, consumer education and consumer inquires.

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