The CFPB has now issued five requests for information (RFIs) as part of Acting Director Mulvaney's "Call for Evidence Regarding Consumer Financial Protection Bureau Functions," which we have previously covered. The RFIs provide industry participants a chance to comment on the CFPB's rules, policies, and practices regarding investigations, examinations, enforcement actions, and external engagement.
To date, issued RFIs include:
|CFPB Requests for Information||Publication in the Federal Register||Comment Deadline|
|Civil Investigative Demands (CIDs)||January 26, 2018||April 26, 2018*|
|Administrative Adjudications||February 5, 2018||May 7, 2018*|
|Enforcement Processes||February 12, 2018||May 14, 2018*|
|Supervision Program||February 20, 2018||May 21, 2018|
|External Engagements||February 26, 2018||May 29, 2018|
|Complaint Reporting||March 6, 2018||June 4, 2018|
|Rulemaking Processes||March 9, 2018||June 7, 2018|
|Adopted Regulations and New Rulemaking Authorities||March 21, 2018||June 19, 2018|
|Inherited Regulations and Inherited Rulemaking Authorities||March 26, 2018||June 25, 2018|
CFPB RFI Summaries
We have written previously on the CFPB's RFIs regarding CID Processes, Administrative Adjudications, Enforcement Processes, Supervision Program, and External Engagements here. The latest RFIs include the following.
The CFPB publishes aggregated complaint information in several ways, including in its monthly complaint report. The CFPB also maintains a publicly accessible Consumer Complaint Database, which includes complaints about various consumer financial products and services and consumer narratives. The RFI requests input on potential changes to these public reporting practices of consumer complaint information, consistent with the CFPB's statutory obligations.
The RFI seeks public input regarding the discretionary aspects of the CFPB's rulemaking processes. These discretionary aspects include the CFPB's processes for initial outreach and information gathering, as well as the format and content of its notices of proposed rulemaking (NPRMs) and final rules.
Adopted Regulations and New Rulemaking Authorities
This RFI requests discussion and input regarding the substance of the CFPB's "Adopted Regulations," including whether the CFPB should issue additional rules. The Adopted Regulations include new rules issued by the CFPB, as opposed to rules over which the CFPB assumed responsibility from other agencies. RFI seeks feedback on the content of the Adopted Regulations, and whether and how they could be revised, within the bounds of the statutes they implement, to better serve consumers and regulated entities.
Inherited Regulations and Inherited Rulemaking Authorities
This RFI covers rules that Congress had transferred to the CFPB that were previously vested in other federal agencies, and over which the CFPB assumed responsibility and rulemaking authority (termed the "Inherited Regulations"). RFI seeks feedback on the content of the Inherited Regulations, and whether and how they could be revised, within the bounds of the statutes they implement, to better serve consumers and regulated entities.