August 21, 2018

August 21, 2018

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August 20, 2018

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CFPB to issue RFIs seeking feedback on its activities

The CFPB announced that, in coming weeks, it plans to publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on its enforcement, supervisory, rulemaking, market monitoring, and educational activities.

Describing its plans as “a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers,” the CFPB stated that the RFIs are intended to provide “an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.”

The CFPB also announced that its first RFI will seek comment on Civil Investigative Demands (CIDs), and the comments received will be used to evaluate current CID processes and procedures and determine whether any changes are needed.

According to Mick Mulvaney, President Trump’s appointee as Acting Director, the RFIs are part of the CFPB’s efforts “under new leadership…to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate.”  Mr. Mulvaney also stated that “[m]uch can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process.”

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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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