The Consumer Financial Protection Bureau (CFPB) has announced plans
to issue a series of series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities.
The CFPB’s first RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation. Both consumers and the companies regulated by the agency are invited to offer their input on how the current CID process works and if any changes to the procedures are needed. Mick Mulvaney, the Acting Director of the CFPB, stated that the RFIs reflect a new transparency in how the agency interacts with all stakeholders.
“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,” said Mulvaney. “Moving forward, the bureau will consistently seek out constructive feedback and welcome ideas for improvement. 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.”