CFPB Seeks Public Feedback on Enforcement Processes
As anticipated, the Consumer Financial Protection Bureau today issued a request for information seeking feedback from the public on its enforcement processes. The request is the third in a series of request for public input the bureau has issued following Acting Director Mick Mulvaney’s announcement last month that the CFPB will engage in a broad public feedback initiative to ensure that it is fulfilling its statutory requirement to protect consumers.
Among other things, the CFPB is seeking feedback on how it communicates with subjects of investigations, the length of investigations, the calculation of civil money penalties, the standard provisions in its consent orders and how it carries out enforcement activities with other state and federal agencies that may have overlapping jurisdiction. For more information, or to provide input for the American Bankers Association’s comments on the RFI, contact ABA’s Virginia O’Neill.