Amid an ongoing power struggle, the Consumer Financial Protection Bureau (CFPB) is asking for input on its role.
The agency aims to determine if the “the Bureau is fulfilling its proper and appropriate functions to best protect consumers,” according to a release. In the coming weeks, it will issue Requests for Information (RFIs) in the Federal Register, open to feedback and suggestions. The RFIs will center on “enforcement,” “rulemaking” and “supervision,” as well as “education activities” and “market monitoring,” the release states. The first RFI will focus on civil investigative demands (CIDs), a kind of subpoena.
“In this new year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate,” said Mick Mulvaney, acting director of the CFPB. “Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement. Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process. I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate.”
The agency was at the center of controversy when its first director, Richard Cordray, resigned in November. Cordray appointed Leandra English, CFPB chief of staff, to the director post, but was met with opposition from President Trump, who named Mulvaney—also director of the Office of Management and Budget—as successor. The courts have favored Mulvaney and Trump in two rulings since.
On Wednesday, Mulvaney asked that there be no funding given to the organization. In a letter to Federal Reserve Chair Janet Yellen, Mulvaney wrote: “This letter is to inform you that for the second quarter of fiscal year 2018, the bureau is requesting $0.”
Stay tuned to RISMedia for more developments.