The CFPB recently issued a formal invitation (a Request for Information [RFI] for you to do just that, as well as to comment about any of the new regulatory authorities given to the CFPB by the Dodd-Frank Act. In its March 14 press release about the RFI, the CFPB indicates that the RFI’s purpose to assist the CFPB in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act and to provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.
The RFI begins with a capsule review of the provisions of the Dodd-Frank Act (Dodd-Frank) that created the CFPB. Dodd-Frank transferred to the CFPB various regulatory authorities previously given to other agencies (e.g., FRB, HUD, FTC), as well as the regulations those agencies had adopted under those authorities (Inherited Regulations). Dodd-Frank also provided the CFPB with new rulemaking authorities, which the CFPB has used to adopt regulations, including regulations it was required and those for which it was given discretionary authority under Dodd-Frank to adopt (Adopted Regulations). Some of the Adopted Regulations amended Inherited Regulations.
The CFPB is particularly interested in obtaining public input regarding the substance of any of the Adopted Regulations, including whether it should issue additional rules. However, it is not seeking input in this RFI on the 2015 HMDA and the 2017 payday lending rules, which the CFPB has already announced its intention to engage in rulemaking processes to reconsider. Nor is it seeking input with respect to its rulemaking processes, implementation initiatives that occur after the issuance of a final rule, any pending rulemaking for which it has issued a Notice of Proposed Rulemaking or otherwise solicited public comment, or any of the Inherited Regulation (for which it promises a separate RFI will be coming out shortly).
The CFPB wishes to receive specific suggestions regarding any potential updates or modifications to the Adopted Regulations and any aspects of the Adopted Regulations that should not be modified. These suggestions should be accompanied by as much detail as possible as to the nature of any requested change, supporting data or other information on relevant impacts and costs, and information related to consumer and public benefit resulting from these rules, and be consistent with the laws providing the CFPB with rulemaking authority and the CFPB’s regulatory and statutory purposes and objectives. Commenters are asked to prioritize their suggestions, to single out their top priority, and to focus their suggestions on revisions that the CFPB can implement without the need for Congressional action. The RFI concludes with a list of various aspects of the Adopted Regulations for which it is seeking feedback.
So, if you’ve had issues with any of the Adopted Regulations or any of the new CFPB regulatory authorities, this is your opportunity not only to complain about them, but, more importantly, to offer constructive suggestions on how to improve them. Comments must be submitted to the CFPB within 90 days after the RFI is published in the Federal Register. If you need assistance in preparing your comments, our Financial Services Regulatory team is here to help.