January 17, 2018

CFPB seeking public feedback to improve functions

CFPB Acting Director Mick Mulvaney yesterday 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.

"NAFCU appreciates Acting Director Mulvaney's commitment to reducing the regulatory burden facing credit unions and many other financial institutions," said NAFCU Director of Regulatory Affairs Alexander Monterrubio. "NAFCU has long advocated for the CFPB to reevaluate its approach to regulation as increasing compliance costs make it difficult for credit unions to serve their members or, in some cases, even keep their doors open. We look forward to helping the bureau improve its regulatory functions."

Over the next few weeks, the CFPB will publish requests for information in the Federal Register on a number of topics, including enforcement, supervision, rulemaking, market monitoring and education activities. The first request for feedback will be on civil investigative demands.