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The CFPB on Wednesday issued a request for information to help the bureau assess the efficiency and effectiveness of its supervision program. This RFI is due to be published in the Federal Register Tuesday and will be open for comments for 60 days.

CFPB Acting Director Mick Mulvaney last month announced that the bureau will issue a series of requests to obtain public feedback on how to improve its functions and outcomes for consumers and the entities it regulates. Three other RFIs have been released so far on civil investigative demands (CIDs), administrative adjudications and enforcement processes.

The bureau, in its new request, said that its supervisory activities are "an essential part of the Bureau's statutory mission of enforcing Federal consumer financial laws" but acknowledged that supervision "can impose burdens on entities."

It is asking for public comment on all aspects of its supervision processes, including the timing, frequency and scope of supervisory exams; the type and volume of information and documents requested in an examination information request (IR); the effectiveness of communication when potential violations are identified; and the process for appealing supervisory findings, among other aspects.

NAFCU will continue to seek member feedback on these RFIs through Regulatory Alerts in order to provide substantive feedback to the CFPB to help it reduce credit unions' regulatory burden.