Yesterday, the CFPB announced that it is issuing “call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” This call comes just weeks after CFPB management changed where Mick Mulvaney was appointed by President Trump to temporarily run the CFPB after the departure of long-time director Richard Cordray.
The CFPB publication states that the Bureau will be providing a series of Requests for Information (RFIs) looking for feedback on things like enforcement, supervision, rulemaking, market monitoring, and education activities. For example, the first planned RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation. Comments received from the RFI will help the Bureau to evaluate existing procedures and to determine if change is warranted. Basically, the goal of the CFPB appears to be to provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers as well as covered entities.
Acting Director Mulvaney stated: “In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate. Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement.”
How This Applies
The biggest application to community banks and credit unions will be to evaluate each RFI and determine how it applies. If the content of an RFI directly applies to your institution, you will want to consider submitting a comment to ensure that your voice is included in the discussion to improve things at the CFPB.
The full CFPB release can be found here: https://www.consumerfinance.gov/about-us/newsroom/acting-director-mulvaney-announces-call-evidence-regarding-consumer-financial-protection-bureau-functions/?utm_campaign=ABA-Newsbytes-011818&utm_medium=email&utm_source=Eloqua