Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB is expected to publish a series of Requests for Information (RFIs) in the Federal Register seeking public comments on the following areas of concern: enforcement, supervision, rulemaking, market monitoring, and education activities.
The first RFI is expected to be published soon, and it will address Civil Investigative Demands (CIDs), which are issued during an enforcement investigation. After receiving and evaluating comments, the CFPB will determine what changes, if any, are warranted.
Although it is difficult to predict how much of an impact this initiative will ultimately have on the CFPB’s current practices, these RFIs should provide a significant opportunity for regulated entities to engage with the CFPB and provide recommendations for improving the current regulatory environment. Accordingly, if you have concerns about any of the CFPB’s current practices or policies, SPEAK UP.
We will add future posts as the CFPB publishes its series of RFIs in the Federal Register.