Latest RFI to look at supervision processes

The request for information on supervision processes is the fourth in what looks to be a lengthy list of reviews from the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau has issued its latest Request for Information, this one about supervision processes.

This RFI, the fourth in what will be a lengthy series, seeks feedback to assess “the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate,” the bureau said. It is part of Acting Director Mick Mulvaney’s stated mission to review bureau processes and bring a restrained interpretation of the bureau’s mission.

According to the CFPB’s newest five-year plan, issued last week, that means “a more coherent strategic direction,” which Mulvaney identified as a resolve to “fulfill the bureau’s statutory responsibilities, but go no further.” Those changes include a new “focus on equally protecting the legal rights of all, including those regulated by the bureau,” among other changes.

That goes hand in hand with President Donald Trump’s proposed 2019 budget, which would significantly trim the CFPB’s funding and authority.

The supervision processes RFI was published in the Federal Register on Feb. 20; comments are due by May 21.

Previous RFIs were aimed at regulatory processes, civil investigative demands and investigational hearings, and administrative adjudication processes.

The bureau said it will issue an RFI on its external engagement process sometime this week. Other RFIs to come will seek feedback on complaint reporting, rulemaking processes, bureau rules not under §1022(d) assessment, inherited rules, guidance and implementation support, consumer education and consumer inquiries.

Fredrikson & Byron Law