CFPB says it will submit important research to peer review
On August 28, the CFPB announced a new external peer review process of its “important technical and scientific research” in order to ensure its quality. The Bureau noted it is following guidance from the Office of Management and Budget (OMB), which encourages federal agencies to seek peer review of “‘influential scientific information’ and ‘highly influential scientific assessments,’” specific terms defined by OMB in the guidance. The Bureau notes that it will use the Academic Research Council (ARC)—a panel of outside researchers with expertise in consumer finance—to conduct the peer reviews of its research. The Bureau has a dedicated webpage where it will post the original report, its peer review request, the ARC’s report, and if necessary, a revised report addressing the ARC’s review.
The first report subject to peer review is the Bureau’s February report titled, “Disclosure of Time-Barred Debt and Revival: Findings from the CFPB’s Quantitative Disclosure Testing.” A copy of the report and the ARC’s review report are now available on the Bureau’s webpage.