CFPB opens rulemaking petition to public

Federal Issues CFPB Consumer Finance Agency Rule-Making & Guidance

On February 16, the CFPB announced the launch of a new process for the public to submit petitions for rulemaking directly to the Bureau. According to the announcement, the public will have the ability to request that the Bureau pursue a new rule, amend an existing one, or repeal a rule. By allowing the public to make rulemaking suggestions, the Bureau is hoping to “identify consumer protection issues worthy of reform, rulemaking, or in need of further clarification.” The Bureau also noted that “[f]ormer government employees and other individuals who are paid to influence the agency’s rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead.” The initiative “is part of a series of steps the CFPB is taking to ensure high standards of transparency and ethics, particularly when it comes to addressing the corrosive effects of the ‘revolving door.’” According to CFPB Director Rohit Chopra, the program “will broaden access to the agency’s rulemaking process.”