Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, announced Wednesday that the agency will issue a “call for evidence” to garner feedback on whether the consumer bureau’s current functions should stay intact.
The CFPB plans to publish in the coming weeks a series of Requests for Information in the Federal Register seeking comment on enforcement, supervision, rulemaking, market monitoring and education activities the bureau performs.
These RFIs will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.
“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 Mulvaney in a statement.
“Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement,” he continued. “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 first RFI will seek public comment on Civil Investigative Demands (CIDs), which are issued during an enforcement investigation.
Comments received in response to this RFI will help the CFPB “evaluate existing CID processes and procedures, and to determine whether any changes are warranted.”
Mulvaney, a critic of the CFPB who still holds his job as director of the Office of Management and Budget, has faced legal challenges to his appointment as acting CFPB director.
A judge in early January refused for the second time to block the Trump administration’s appointment of Mulvaney as the temporary CFPB head, setting the stage for a Washington federal appeals court to take up the power struggle.