By Katalina M. Bianco, J.D.
The Consumer Financial Protection Bureau is planning a series of requests for information that are intended to provide evidence on how well the Bureau is doing its job. The RFIs will ask for comments on the CFPB’s "enforcement, supervision, rulemaking, market monitoring, and education activities," Acting Director Mick Mulvaney said.
The first RFI will focus on civil investigative demands—demands for information from companies that the Bureau uses as part of investigations into specific industries, companies, and practices, as well as into how those practices affect consumers. Several U.S. district court judges have refused to enforce Bureau CIDs in the past year because the demands did not adequately describe what conduct was under investigation or what consumer financial protection laws might have been implicated.
According to Mulvaney, "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. Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement."
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