On March 7, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released a Request for Information (RFI) regarding the Bureau’s rulemaking process, the seventh RFI in its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. Through this latest RFI, the Bureau seeks feedback “on all discretionary aspects of the Bureau’s [rulemaking] processes, including current practices, timelines, and potential improvements in each stage of these processes.” As a result, the CFPB is not seeking feedback about those elements of federal agency rulemaking that are required by law, or the content of any particular proposed or final rule. Thus, responses to this RFI should focus on the process elements of CFPB rulemaking.

Commenters are invited to provide feedback on the Bureau’s overall rulemaking process and to include a discussion of the positive and negative aspects of the CFPB’s processes, specific suggestions for improvements and identification of rulemaking procedures that should not be modified. The RFI divides the rulemaking process into three parts: (1) Initial Outreach and Information Gathering, (2) Notices of Proposed Rulemaking, and (3) Final Rules. To illustrate the types of comments the CFPB is seeking from the public and industry, the Bureau provides sample questions with respect to each element of the rulemaking process.