Evidence sought on how/if consumer bureau is fulfilling ‘proper, appropriate functions’

A series of “requests for information” to determine if the Consumer Financial Protection Bureau (CFPB) is fulfilling its “proper and appropriate functions to best protect consumers” will be published in coming days, the acting director of the federal agency said Wednesday.

In a release, Acting CFPB Director Mick Mulvaney said he is issuing the call for “evidence” of the agency’s functions in performing its role through the RFIs to provide the public am opportunity to provide feedback and suggest ways to “improve outcomes for both consumers and covered entities.”

The information requests, Mulvaney said, would seek comment on enforcement, supervision, rulemaking, market monitoring, and education activities.

“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,” Mulvaney said. “Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement.

The acting director said much can be done to facilitate greater consumer choice and efficient markets “while vigorously enforcing consumer financial law in a way that guarantees due process.”

According to the agency’s release, the first RFI will seek comment on Civil Investigative Demands (CIDs), which are issued during enforcement investigations. Comments, the agency said, will help the Bureau evaluate existing CID processes and procedures, and to determine whether changes are warranted.


CFPB Release: Acting Director Mulvaney Announces Call for Evidence Regarding Consumer Financial Protection Bureau Functions