Time to Weigh in on CFPB Enforcement
February 9, 2018
The Consumer Financial Protection Bureau announced that starting Monday it will accept public comments on their enforcement process. Among its many oversight areas is the Real Estate Settlement Procedures Act, known as RESPA.
Mick Mulvaney, currently the acting director of the CFPB, announced the public comment period in an effort to help improve the bureau’s overall efficiency and effectiveness in its enforcement of federal consumer financial laws. The agency is seeking feedback on all aspects of its enforcement processes, including its investigations and penalties.
The CFPB has recently been requesting public information and feedback in several arenas, including how it handles administrative adjudications, civil investigative demands, and an expected call next week for reviews of its supervisory processes.
In January, CFPB announced that it was issuing a “call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers. … [These] requests for information will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.”
To find more information on how to submit comments, visit consumerfinance.gov.
Source: “CFPB Requests Information on its own Enforcement Process,” HousingWire (Feb. 7, 2018)
Updated: August 17, 2018