‘Rulemaking processes’ generates 71 comments in bureau’s series of ‘requests for information’

A “request for information” about the rulemaking processes of the federal consumer financial agency generated just more than 70 comments at the close of the comment date – one of the lesser volumes of letters received by the agency in its series of 12 requests it has made.

The total comments – 71 as of midnight Thursday (the closing date for comments) – amounts to less than 1% of all the letters the agency has received in its information collection, which began in January. Overall, the agency has received just shy of 89,000 letters – nearly two-thirds of which (62%) dealt with the agency’s supervision programs. That request, the fourth in the series, was closed to comments May 21.

Bureau of Consumer Financial Protection (BCFP, formerly known as the CFPB) Acting Director Mick Mulvaney began issuing the RFIs in January in a “call for evidence” from the public about how (or whether) the agency was doing its job. Following that, the agency issued the dozen RFIs; all were eventually issued with 90-day comment periods.

Seven comment periods have closed since then, the latest being the RFI on “rulemaking processes” which closed Thursday. The bureau sought comments on 12 aspects of the bureau’s processes, organized under three headings: Initial outreach and information gathering; notices of proposed rulemaking; and final rules.

The RFI, when issued, said 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 next “comments due” date for the series of RFIs is June 19 on “Adopted Regulations and New Rulemaking Authorities.” As of Friday, the bureau had received 27 comments, according to Regulations.gov.

CFPB Notice, Request for Information on Rulemaking Processes

Federal Register notice