Newsroom

NAFCU is seeking input from credit unions on the CFPB's rulemaking processes, which is part of the bureau's series of requests to obtain public feedback on how to improve its functions and the outcomes for consumers and entities it regulates.

The CFPB issued the request for information (RFI) on its rulemaking processes earlier this month. NAFCU, in a Regulatory Alert sent to member credit unions yesterday, would like input on:

• how the CFPB should modify mechanisms it currently uses to gather information, data and feedback from stakeholders in the initial stages of rulemaking;
• how the CFPB should change its Small Business Regulatory Enforcement Fairness Act (SBREFA) panel process;
• whether the CFPB should modify the content included in notices of proposed rulemaking or how the bureau releases and solicits comments on the notice; and
• whether the CFPB should modify the content included in notices of final rules or how it releases final rules on its website in advance of publication in the Federal Register.

NAFCU noted in the Regulatory Alert that while some of the CFPB's rulemaking processes are required by law, some of its rulemaking aspects are discretionary, which are the areas the CFPB would like feedback.

Credit unions can submit feedback to NAFCU through its Regulatory Alert through May 24; comments are due to the CFPB on its rulemaking processes June 7.

Yesterday, the bureau released the next RFI in the series on its inherited regulations and inherited rulemaking authorities. The RFI will be published in the Federal Register on Monday and will be open for comment for 90 days.

Earlier this week, the CFPB also announced that it is extending the comment period on some previously issued RFIs, including:

• civil investigative demand (CID) processes (comments now close April 26);
• adjudication proceedings (comments now close May 7); and
• enforcement processes (comments now close May 14).