— The Consumer Financial Protection Bureau today announced
that it is issuing a call for evidence to ensure the Bureau is fulfilling its
proper and appropriate functions to best protect consumers. In coming weeks,
the Bureau will be publishing in the Federal Register a series of
Requests for Information (RFIs) seeking comment on enforcement, supervision,
rulemaking, market monitoring, and education activities. These RFIs will
provide an opportunity for the public to submit feedback and suggest ways to
improve outcomes for both consumers and covered entities.
"In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate. Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement," said Bureau Acting Director Mick Mulvaney. "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process. I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate."
The first RFI issued by the Bureau will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation. Comments received in response to this RFI will help the Bureau evaluate existing CID processes and procedures, and to determine whether any changes are warranted.
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
Updated on Jan. 24, 2018, to include link to the Request for Information.