Announcing its seventh request for information (RFI) regarding its own processes, the Consumer Financial Protection Bureau (CFPB) on Wednesday invited input from the public on the discretionary aspects of the bureau’s rulemaking processes. June 7 is the comment deadline.
The bureau, under leadership of Acting Director Mick Mulvaney, says it’s been rolling out a series of RFIs in a “call for evidence” to ensure the bureau is “fulfilling its proper and appropriate functions to best protect consumers.” The new RFI seeks input on the overall efficiency and effectiveness of the CFPB’s rulemaking processes.
Comments are sought specifically on 12 aspects of the bureau’s processes, which are organized under three headings:
- Initial outreach and information gathering – mechanisms used, convening of review panels representing a cross-section of affected small entities (called SBREFA panels, named for the 1996 Small Business Regulatory Enforcement Fairness Act), consultations with tribal governments.
- Notices of proposed rulemaking – content of notices of proposed rulemaking (NPRM), the bureau’s issuance of the NPRM and supporting materials, comment periods, mechanisms for encouraging additional feedback, processing and posting of comments received, outreach and engagement before and after comment periods, consideration of new data, studies and reports by other agencies or other third parties after an NPRM is released.
- Final rules – content of the notice issuing the final rule, release of the final rule on the bureau’s website before it appears in the Federal Register as well as any supporting materials.
The RFI says comments should address the positive and negative aspects of the bureau’s processes; provide specific suggestions regarding potential updates or modifications to those processes and supporting data regarding potential impacts; and specifics regarding any process aspects that should not be modified.
The bureau says five more RFIs are yet to come and will address the following: bureau adopted rules (slated for release next week); inherited rules; guidance and implementation support; consumer education; and consumer inquiries.