Summary: CFPB Request for Information the Bureau’s Adopted Regulations and New Rulemaking Authorities

Consumer Financial Protection Bureau (CFPB)
Prepared by NASCUS Legislative & Regulatory Affairs Department
April 2018

The CFPB is seeking comments and information from interested parties to assist the Bureau in considering whether, consistent with its statutory authority to prescribe rules pursuant to the Federal consumer financial laws, the Bureau should amend those rules it has promulgated since its creation or issue certain new rules. 

Comments are due to the Bureau by June 19, 2018.  You can find the RFI here.

Summary

On July 21, 2011, pursuant to the Dodd-Frank Act, consumer financial protections functions vested in other Federal agencies transferred to the Bureau.  The Bureau assumed responsibility for various regulations issued by those agencies under their rulemaking authorities.  In addition. The Bureau prescribed a number of rules under Federal consumer financial law in rulemakings mandated by Congress, as well as in discretionary rulemakings.  These Bureau issued rules and the new authorities created under the Dodd Frank Act are referred to collectively in the RFI as the “Adopted Regulations.”  These regulations include rulemakings adopted under Federal consumer financial law and issued by the Bureau since 2011 and would include all final rulemakings that the Bureau issued after providing notice and seeking public comment, including any accompanying Official Interpretations issued by the Bureau. 

The Bureau is seeking public input regarding the substance of the Adopted Regulations, including whether the Bureau should issue additional rules. The Bureau is seeking feedback on all aspects of the Adopted Regulations, including but not limited to the following:

  • Aspects of the Adopted Regulations
  • Changes the Bureau could make to the Adopted Regulations, consistent with its statutory authority, to more effectively meet the statutory purposes and objectives set forth in the Federal consumer financial laws, as well as the Bureau’s specific goals for the particular Adopted Regulations;
  • Changes the Bureau could make to the Adopted Regulations, consistent with its statutory authority, that would advance the following statutory purposes and objectives as set forth in Section 1021 of the Dodd-Frank Act;
  • Pilots, field tests, demonstrations, or other activities that the Bureau could launch to better quantify benefits and costs of potential revisions to the Adopted Regulations, or to make compliance with the Adopted Regulations more efficient and effective.
  • Areas where the Bureau has not exercised the full extent of its rulemaking authority in connection with a specific Adopted Regulation or with regard to rulemaking authorities created by the Dodd Frank Act under the Federal consumer financial laws, and where rulemaking would be beneficial and align with the purposes and objectives of the applicable Federal consumer financial laws.