Compliance Blog

Written by Steve Van Beek

The CFPB's General Counsel penned a recent blog post discussing the CFPB's Policy on Ex Parte Communications during the rulemaking process.  The CFPB's policy can be found here.

The blog post provides an overview of which discussions and conversations will be subject to this policy - as well as when the policy starts for a particular rulemaking:

"This policy generally requires public disclosure of ex parte presentations made to CFPB staff concerning a pending rulemaking. This way, the general public will have access to the input that CFPB is receiving.......

.......Once the CFPB publishes a proposed rule in the Federal Register or on the CFPB’s website, the ex partepolicy comes into play. The policy also comes into play when the CFPB publishes an interim final rule with a request for comment. During this stage, the primary way CFPB collects public input is through written comments that are posted on the public rulemaking docket.............................

.........................However, during this stage, members of the public may wish to provide oral or written comments directly to CFPB staff regarding the rulemaking, or CFPB staff may wish to obtain information directly from members of the public. The input CFPB receives in this manner is considered ex parte because it is outside of or in addition to the formal comment process. The CFPB’s policy requires that these ex parte presentations be summarized and disclosed on the public docket. In this way, members of the public can be informed of the input CFPB is receiving. This policy recognizes that ex parte communications can be a valuable source of information that can improve the quality of CFPB’s rulemaking. At the same time, the policy recognizes the need for disclosure to promote openness and fairness." 

Keep in mind that this policy comes into play after a rule has been proposed.  The blog post doesn't discuss if it applies to existing proposed rules that the CFPB inherited from other agencies.  For example, the Fed had quite a few Reg Z proposals that it did not finalize before authority transferred to the CFPB.

***

NAFCU has two upcoming HR webcasts that might be of interest to your credit union.  First is an August 31st webcast on Managing Leave under the ADA and the FMLA.  The second webcast is an September 21st webcast on Complying with Wage and Hour Laws.  Both webcasts will feature Manesh Rath, a partner at Keller & Heckman. 

We have a combo package available where credit unions can register for both webcasts and save $100 on the bundle.  For NAFCU members, the webcasts are $199 each or $299 for both.