CFPB Requests Information on Its Rulemaking Processes

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The CFPB released a Request for Information (RFI) regarding its rulemaking process. Through this RFI, the CFPB seeks feedback on all discretionary aspects of the CFPB’s rulemaking processes, including current practices, timelines, and potential improvements in each stage of these processes. Commenters are asked, where possible, to include:

  • A discussion of both the positive and negative aspects of the CFPB’s rulemaking processes;
  • Suggestions that are specific to any potential updates or modifications to the CFPB’s rulemaking processes; and
  • Specific identification of rulemaking procedures that should not be modified.

The CFPB indicated in this RFI that it is not seeking feedback about rulemakings that are required by law, or the content of any particular proposed or final rule.

Comments must be received by June 7, 2018.

This is the seventh RFI in the CFPB’s initiative to reexamine their existing policies and procedures under Acting Director Mick Mulvaney’s leadership. The other six RFIs and their comment due dates are:

Civil investigative demands – due March 27, 2018

Administration adjudications – due April 6, 2018

Enforcement proceedings – due April 13, 2018

Supervision – due May 21, 2018

External engagements – due May 29, 2018

Consumer complaint database  – due June 4, 2018.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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