Summary: CFPB Request for Information the Bureau’s Inherited Regulations and Inherited 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 the regulations or exercise the rulemaking authorities that it inherited from certain other Federal agencies. 

Comments are due to the Bureau by June 25, 2018.  You can find the RFI here.

Summary

The Bureau is using this request for information (RFI) to seek public input regarding the substance of the Inherited Regulations, including whether the Bureau should issue additional rules.  The Inherited Regulations comprise the statutory authority and regulations that were transferred to the Bureau restated in Title 12, Chapter X of the Code of Federal Regulations.  “Inherited Regulations” also include all rulemaking authority inherited by the Bureau, regardless of the extent to which the Bureau’s predecessors exercised that authority.

The Bureau is seeking feedback on all aspects of the Inherited Regulations, including but not limited to:

  • Aspects of the Inherited Regulations;
  • Changes the Bureau could make to the Inherited 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 predecessor agencies’ specific goals for the particular Inherited Regulation in the first instance;
  • Changes the Bureau could make the Inherited 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, other activities that the Bureau could launch to better quantity benefits and costs of potential revisions to the Inherited Regulations, or make compliance with the Inherited Regulations, or make compliance with the Inherited Regulations more efficient and effective; and
  • Areas where the Bureau has inherited rulemaking authority, but has not exercised it, where rulemaking would be beneficial and align with the purposes and objectives of the applicable Federal consumer financial laws.