CFPB announces RFIs on consumer protection functions

January 17, 2018

The Consumer Financial Protection Bureau (CFPB) issued a call for evidence to ensure it is fulfilling its consumer protection functions, the bureau announced Wednesday. Acting Director Mick Mulvaney said the series of Requests for Information (RFIs) will be forthcoming in the Federal Register in the coming weeks.

“CUNA appreciates that the CFPB is examining whether actions it has taken align with promoting consumer protection,” said CUNA Chief Advocacy Officer Ryan Donovan. “Over the past several years credit unions have faced an unprecedented amount of regulatory burden, with the CFPB’s one-size fits all rulemakings playing no small role in this.

We urge the CFPB to consider how it can better tailor its rulemakings and other actions towards those harming consumers going forward, and to work to lessen the unintended negative consequences past CFPB one-size fits all rules are having on smaller financial institutions such as credit unions,” he added.

CUNA has requested the bureau undertake such a review in past letters to the bureau, including a letter with detailed recommendations on how the bureau can provide to relief to credit unions and their members.

The first RFI issued by the Bureau will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation.

Others will invite stakeholders to comment on enforcement, supervision, rulemaking, market monitoring, and education activities.

According to the bureau, these RFIs will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.