[UPDATED] Latest bureau RFI looks at adopted rules – but not HMDA reporting, or payday lending

Adopted regulations and new rulemaking authorities are the latest topics for a “request for information” (RFI) – the eighth in the series of an expected dozen – issued by the federal consumer protection agency March 14. Comments are due June 19.

In the RFI, the Consumer Financial Protection Bureau (CFPB) said it seeks comments on whether it should amend any adopted rules (generally, those not inherited from other agencies) issued since the agency’s creation. The bureau also asks if it should issue new rules under new rulemaking authority provided for by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

However, the CFPB drew a distinction between this RFI and one previously issued on the agency’s rulemaking authority. It also pointed out it is not interested in comments (at least at this time) on pending rules.

“The purpose of this RFI is to seek feedback on the content of the Adopted Regulations, not the Bureau’s rulemaking processes, implementation initiatives that occur after the issuance of a final rule, or the Inherited Regulations,” the agency wrote in its notice. “Also please note that the Bureau is not requesting comment on any pending rulemaking for which the Bureau has issued a Notice of Proposed Rulemaking or otherwise solicited public comment.”

“Adopted regulations,” the bureau said, include rulemakings adopted under federal consumer financial law and issued by CFPB since the designated transfer date in 2011, “including rules that were adopted pursuant to specific instructions from Congress.”

CFPB said the term also includes new rulemaking authorities given to the bureau by the Dodd-Frank Act under the federal consumer financial laws. “The Adopted Regulations generally include all final rulemakings that the Bureau issued after providing notice and seeking public comment, including any accompanying Official Interpretations (commentary) issued by the Bureau.”

However, the agency said, it is not looking for feedback now on its 2015 rule under the Home Mortgage Disclosure Act (HMDA) – nor that rule’s subsequent amendments – or its 2017 rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” because “the Bureau has previously announced that it intends to engage in rulemaking processes to reconsider those rules.”

More specifically, the bureau said it is looking for comments:

  • regarding any potential updates or modifications to the Adopted Regulations, consistent with the laws providing the Bureau with rulemaking authority and the Bureau’s regulatory and statutory purposes and objectives, and including, in as much detail as possible, the nature of the requested change, and supporting data or other information on impacts and costs of the Adopted Regulations and on the suggested changes thereto; and;
  • about any aspects of the Adopted Regulations that should not be modified, consistent with the laws providing the Bureau with rulemaking authority and the Bureau’s regulatory and statutory purposes and objectives, and including, in as much detail as possible, supporting data or other information on impacts and costs, or information related to consumer and public benefit resulting from these rules.

CFPB said the next RFI in the series (number nine, to be issued next week) will address the agency’s inherited regulations and inherited rulemaking authorities.

CFPB RFI #9 on adopted rules

Federal Register notice: CDFI RFI on Adopted Regulations (scheduled March 21)

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