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Financial Services Law Insights and Observations

CFPB releases RFI on adopted regulations and new rulemaking authorities

Federal Issues RFI CFPB Succession Agency Rule-Making & Guidance

Federal Issues

On March 14, the CFPB released its eighth Request for Information (RFI) in a series seeking feedback on the Bureau’s operations. This RFI solicits public comment to assist the Bureau in deciding “whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act,” which the RFI defines as the Bureau’s “Adopted Regulations.” This RFI does not seek information related to the Bureau’s “Inherited Regulations” that have not yet been amended by the CFPB. Inherited Regulations are those promulgated under the consumer financial laws that were previously vested in other federal agencies but the Bureau assumed responsibility over through the Dodd-Frank Act.

The CFPB is requesting feedback regarding the content of all Adopted Regulations, except for its 2015 HMDA final rule (or its subsequent amendments) and its final rule addressing payday loans, vehicle title loans, and certain other extensions of credit. Specifically, the RFI seeks information related to all aspects of the Adopted Regulations, including (i) whether the Adopted Regulations should be tailored to an institution of a particular size or are incompatible with new technologies; (ii) changes the Bureau could make to the Adopted Regulations to more effectively meet the specific law’s statutory purpose; (iii) changes the Bureau could make to the Adopted Regulations to advance the statutory purposes stated in Section 1021 of the Dodd-Frank Act; (iv) whether the Bureau should introduce pilots, field tests, demonstrations or other activities to better analyze the cost/benefits of potential Adopted Regulations; and (v) where the Bureau could exercise more of its rulemaking authority to better align with the objectives of the applicable consumer financial laws. The Bureau also requested comment on aspects of the adopted regulations that should not be amended. The RFI is expected to be published in the Federal Register on March 19. Comments will be due 90 days from publication.