Summary: CFPB Request for Information Regarding Bureau Rulemaking Processes

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

The Consumer Financial Protection Bureau (CFPB) is seeking comments and information from interested parties to assist the Bureau in assessing the overall efficiency and effectiveness of its rulemaking processes, and consistent with law, considering whether any changes to its rulemaking processes would be appropriate. 

Comments are due to the Bureau by June 7, 2018.  The RFI can be found here.

Summary

While many elements of the Federal agency rulemaking are required by law, a number of the Bureau’s rulemaking processes, and certain aspects of how the Bureau implements required processes, are discretionary.  The Bureau is using this request for information (RFI) to seek public feedback regarding these discretionary aspects of its rulemaking process.  Please note, the Bureau will issue subsequent RFIs seeking public input regarding potential modifications to both regulations adopted by the Bureau and those inherited from other agencies, as well as about the overall effectiveness and accessibility of the Bureau’s guidance and implementation support.

The Bureau is seeking comment on all discretionary aspects of its processes including but not limited to:

  • Initial Outreach and Information Gathering
  • Notices of Proposed Rulemaking
  • Final Rules

Additionally, where possible, the Bureau is requesting commenters to include:

  • Specific discussion of the positive/negative aspects of the Bureau’s processes;
  • Specific suggestions regarding any potential updates/modifications to the Bureau’s processes, consistent with the laws governing rulemaking processes, including potential updates or modifications, supporting data or other information on impacts and costs of participation in rulemakings and on suggested changes thereto, information related to consumer and public benefit that might result from such changes, or information concerning alignment with the processes of other agencies with similar authorities; and
  • Specific identification of any aspects of the Bureau’s processes that should not be modified.

Additional information regarding the questions posed/comments sought can be found in the RFI.