CUNA appreciates the announcement from the Consumer Financial Protection Bureau (CFPB) this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings. The new policy gives commenters 10 business days to submit a documentation of a presentation, via written copy or summary, up from 3 days in the original policy.
Under the current policy, an “ex parte presentation” means “any written or oral communication” by “any person outside the CFPB that imparts information or argument directed to the merits or outcomes of a rulemaking proceeding.”
CUNA believes in the importance of the bureau’s ex parte policy to create a record of communications between credit unions and CFPB staff, and as an avenue to highlight credit union concerns and suggestions to improve CFPB rules.
More information can be found at CUNA’s Removing Barriers Blog.