The Consumer Financial Protection Bureau (CFPB) issued a call this week for evidence to insure it is fulfilling its charge to protect consumers.
The bureau, led by Acting Director Mick Mulvaney, will be publishing a series of Requests for Information (RFIs) in the Federal Register seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities.
Through these RFIs, the public will have an opportunity 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,” Mulvaney said. “Moving forward, the bureau will consistently seek out constructive feedback and welcome ideas for improvement.”
The first RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation. Comments will guide the bureau in assessing existing CID procedures to determine if alterations are warranted.
“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,” Mulvaney said.
Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, appreciates the initiative.
“I want to take this opportunity to commend Acting Director Mulvaney on his recent call for evidence of the CFPB’s track record under its previous leadership. As I have said for years, the CFPB has an important mission, and it is capable of great good. But when it acts without accountability or transparency, it is also capable of great harm. The federal government must root out fraud and other illegal acts perpetrated by those engaged in interstate commerce, but Congress must also protect the American people from overreach at the CFPB, which infringes on consumer choice and economic freedom under the guise of consumer protection,” Hensarling said. “I applaud Acting Director Mulvaney for his leadership in safeguarding economic freedom without sacrificing consumer protection.”