RFI No. 3, ‘enforcement processes,’ issued by consumer bureau, right on schedule

Right on schedule, for the third straight week the federal consumer protection agency Wednesday issued another “request for information” (RFIs) in its drive to expose “evidence” about whether the agency is doing its job – this one on “enforcement processes.”

Next week, the agency said, will come the fourth RFI – on supervisory processes.

The Consumer Financial Protection Bureau (CFPB) said this third RFI would focus on the agency’s enforcement processes, in particular to “help assess the overall efficiency and effectiveness of its processes related to the enforcement of federal consumer financial law.” The RFI, as with the previous two, will be issued for a 60-day comment period.

CFPB began issuing the RFIs Jan. 24, following a statement by Acting Director Mick Mulvaney the previous week (Jan. 17) saying the agency was issuing the call for “evidence” of the agency’s functions in performing its role, to give the public an opportunity to provide feedback and suggest ways to “improve outcomes for both consumers and covered entities.”

In this third RFI, the CFPB said it is looking for feedback “on all aspects of its enforcement processes,” but specifically noted:

  • communication between the bureau and the subjects of investigations, including the timing and frequency, and information provided by the agency on the status of its investigations;
  • length of investigations;
  • the “Notice and Opportunity to Respond and Advise” process,
  • whether subjects of potential enforcement actions should be given the right to make an in-person presentation to agency personnel prior to a determination whether it should initiate legal proceedings;
  • calculation of civil money penalties, including whether the agency should adopt a civil money penalty matrix, and, if it does adopt such a matrix, what that matrix should include;
  • standard provisions in bureau consent orders, including conduct, compliance, monetary relief, and administrative provisions;
  • how or if the CFBP should coordinate its enforcement activity with other federal and/or state agencies that may have overlapping jurisdiction.

The agency said it seeks specific suggestions about any potential updates or changes to its enforcement processes and including (with details) the potential update or modification, supporting data or other information on effects and costs, or information concerning alignment with the processes of other agencies.

CFPB said it is also looking for ”specific identification of any aspects” of its enforcement processes that should not be modified, likewise including supporting data on effects and costs

CFPB Issues Request For Information On Enforcement Processes

 

 

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