CUNA recommends improvements to CFPB’s adjudications processes
The Bureau of Consumer Financial Protection’s Rules of Practice for Adjudication Proceedings have room for improvement, CUNA wrote to the bureau Friday. CUNA’s comments were sent in response to the latest deadline for feedback in the bureau’s series of requests for information on its functions.
The Consumer Financial Protection Act authorizes the bureau to conduct administrative adjudications in conformance with the Administrative Procedure Act. Its enforcement office prosecutes these adjudications.
The bureau may file an administrative Notice of Charges only to enforce compliance with the Consumer Financial Protection Act and related laws.
CUNA’s comments and recommendations include the following:
- The CFPB should issue a rule mandating that the statutes of limitations for Administrative Adjudications be the same as for federal court proceedings;
- Rule 206 governing the bureau’s file disclosure can be unfair in practice and should be changed;
- Rule 110 does not prevent bureau employees from providing ex parte information to the bureau director during the pendency of the adjudication and this should be changed; and
- Rule 119 regarding confidentiality protections are unwieldly and could result in unwarranted disclosure of confidential information.