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From Banking and Finance Law Daily, March 7, 2018

Bureau seeks input on rulemaking process

By Lisa M. Goolik, J.D.

The Consumer Financial Protection Bureau is seeking input from interested parties to help assess the overall efficiency and effectiveness of the "discretionary aspects" of its rulemaking processes. The latest request for information (RFI) is "part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers," said the Bureau. Comments may be submitted once the RFI is printed in the Federal Register, which is expected to occur on March 9, 2018, and the comment period will be open for 90 days.

Rulemaking processes. According to the notice, the Bureau is issuing the RFI to seek public input on the discretionary aspects of its rulemaking processes—those processes that are not required by federal law. To allow the Bureau to more effectively evaluate suggestions, the Bureau asks that, where possible, comments include:

  • specific discussion of the positive and negative aspects of the Bureau’s processes;
  • specific suggestions regarding any potential updates or modifications to the Bureau’s processes, consistent with the laws governing rulemaking processes, including, in as much detail as possible, the 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, consistent with the laws governing rulemaking processes, and including, in as much detail as possible, supporting data or other information on impacts and costs, information related to consumer and public benefit resulting from these processes, or information concerning alignment with the processes of other agencies with similar authorities.

The Bureau is seeking feedback on all aspects of process including, but not limited to: initial outreach and information gathering; notices of proposed rulemaking; and the release and issuance of final rules.

More RFIs to come. In its press release, the Bureau indicated that it intends to issue additional information collections on the following topics in the coming weeks:

  • Bureau adopted rules;
  • inherited rules;
  • guidance and implementation support;
  • consumer education; and
  • consumer inquiries.

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