The CFPB is scheduled to publish notices in tomorrow’s Federal Register that it is extending by 30 days the due dates for comments on its first three requests for information.

According to the notices, the extensions were provided in response to requests from two industry trade groups.  The groups pointed out to the CFPB that all of the other RFIs it has issued have 90-day rather than 60-day comment periods.… Continue Reading

The CFPB has issued a request for information that seeks comment on its rulemaking processes.  Comments on the RFI must be received by June 7, 2018.

The RFI begins with a review of the statutory requirements that are relevant to the CFPB’s rulemaking processes.  The RFI discusses the Administrative Procedure Act notice-and-comment requirements, the Regulatory Flexibility Act requirements for rulemakings that will have a significant impact on a substantial number of small business entities (often referred to as the SBREFA process), federal law requirements for various impact analyses of proposed and final rules, and federal law requirements and MOU agreements for consultation with other federal agencies.… Continue Reading

The CFPB has issued a request for information that seeks comment on potential changes to the CFPB’s practices for the public reporting of consumer complaint information.  Comments on the RFI must be received by June 4, 2018.

In the RFI, the CFPB seeks feedback on all aspects of its consumer complaint reporting and publication practices, including the following:

  • Specific, statutorily-permissible suggestions regarding the frequency of the CFPB’s reporting on consumer complaints  (We note that the CFPB has not published a complaint report since Mick Mulvaney was appointed Acting Director by President Trump.)
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The CFPB has issued a request for information that seeks comment on how the CFPB can improve its administrative adjudication processes, including its “Rules of Practice for Adjudication Proceedings” codified at 12 CFR part 1081, Subpart E (Rules).  The Rules address the general conduct of administrative enforcement proceedings, the initiation of such proceedings and prehearing rules, decisions and appeals, and temporary cease-and-desist proceedings. … Continue Reading