CFPB seeks comment on consumer financial education programs
The CFPB has issued a request for information that seeks comment on its consumer financial education programs. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal Register, which the CFPB expects to occur on approximately April 9, 2018.
The CFPB seeks feedback on all aspects of its consumer financial education programs, including the following topics:
- The CFPB’s focus on specific financial education topics and delivery channels, and its use of technology and contractors
- Measuring the effectiveness of the CFPB’s financial education programs
- Avoiding duplication between the CFPB and other federal agencies or other entities
In response to the CFPB’s question asking what financial education topics it should address, we would suggest that the CFPB educate consumers about arbitration, something it has not previously done.
The new RFI represents the eleventh in a series of RFIs announced by Mr. Mulvaney. The subjects of the CFPB’s first ten RFIs and their comment deadlines are as follows:
- Processes surrounding civil investigative demands and investigational hearings-April 26, 2018
- Administrative adjudication processes-May 7, 2018
- Enforcement processes-May 14, 2018
- Supervision program-May 21, 2018
- External engagement-May 29, 2018
- Public reporting of consumer complaint information-June 4, 2018
- Rulemaking processes-June 7, 2018
- Adopted regulations-June 19, 2018
- Inherited regulations and inherited rulemaking authorities-June 25, 2018
- Guidance and implementation support-July 2, 2018
(The initial comment deadlines for the first three RFIs listed above were extended to the dates indicated.)
In its press release announcing the latest RFI, the CFPB stated that the twelfth and final RFI in the series will be issued next week and will address consumer inquiries.