CFPB’s latest RFI seeks info on rulemaking processes

March 8, 2018

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) this week about the bureau’s rulemaking processes. Specifically, the bureau is seeking comments and information from interested parties to help assess the overall efficiency and effectiveness of its rulemaking processes.

CUNA has consistently called for the CFPB to tailor its rules to remove service barriers between credit unions and their members.

Most notably, CUNA has encouraged the bureau to exercise the authority granted in section 1022 of the Dodd-Frank Act, to exempt any class of entities from rulemakings.

In addition to working with the bureau to make broader use of its exemption authority, CUNA will work with CFPB leadership this year to fix burdensome rules and slow the pace of new rules.

This is the seventh in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers.

The next RFI in the series will address the bureau’s adopted rules, and will be issued next week, according to the CFPB.