‘Supervisory processes’ issued for 90-day RFI, as bureau signals eight more info requests in pipeline

Issuing its fourth “request for information” in as many weeks for “evidence” of how it is doing its job, the federal consumer protection bureau signaled that up to eight more RFIs will be issued in coming weeks.

The Consumer Financial Protection Bureau (CFPB) Wednesday issued its latest RFI, focusing on supervision processes at the agency. According to the agency’s filings with the Federal Register, it is seeking comments on the overall efficiency and effectiveness of its supervision program, as well as on any recommended changes.

The focus of the RFI, based on the agency’s filings, is “meaningful” reduction of regulatory burden placed on the organizations CFPB supervises, while also continuing to meet the bureau’s statutory requirements.

“The Bureau’s ability to supervise entities is an essential part of the Bureau’s statutory mission of enforcing Federal consumer financial laws,” the agency stated in the overview of the RFI. “The Bureau engages in supervisory activities in accordance with applicable law and in furtherance of its statutory mandate. The Bureau understands, however, that the Bureau’s supervisory activities can impose burdens on entities,” the overview states.

Unlike the previous three RFIs, this latest will be issued for a 90-day comment period (the other three were issued for 60 days). CFPB estimated the comment period will begin Feb. 20.

The notice about the latest RFI was accompanied with a listing of eight other RFIs that the bureau anticipates issuing over the next months. Those topics for those are:

  • External Engagement
  • Complaint Reporting
  • Rulemaking Processes
  • Bureau Rules Not Under §1022(d) Assessment
  • Inherited Rules
  • Guidance and Implementation Support
  • Consumer Education
  • Consumer Inquiries

Press release: CFPB RFI on supervision processes

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