Comment on the Request for Information on Rulemaking Processes by the Consumer Financial Protection Bureau, CFPB Docket No. CFPB-2018-0009

33 Pages Posted: 11 Oct 2018

Date Written: June 7, 2018

Abstract

On March 7, 2018, the Consumer Financial Protection Bureau, under Acting Director Mick Mulvaney, issued a Request for Information eliciting public comment on its rulemaking processes. This response expresses concern that under its new leadership, the Bureau is retreating from its commitment to fair, open, and data-driven rulemakings in response to industry pressure. The response argues that the Bureau must refrain from any actions that would undermine that commitment, including: (1) creating artificial obstacles to on-boarding quantitative data; (2) prohibiting the use of qualitative data and consumer anecdotes; (3) compromising the independence of its cost-benefit analyses; and (4) relying on new data, studies or reports after a Notice of Proposed Rulemaking appears without disclosing that reliance. The response further calls on the Bureau to strengthen its ex parte policy to ensure timely public posting of all ex parte communications involving rulemakings.

Keywords: Consumer Financial Protection Bureau, Rule-Making, Cost-Benefit Analysis

JEL Classification: G21, G28, K23, K40

Suggested Citation

McCoy, Patricia Ann, Comment on the Request for Information on Rulemaking Processes by the Consumer Financial Protection Bureau, CFPB Docket No. CFPB-2018-0009 (June 7, 2018). Available at SSRN: https://ssrn.com/abstract=3251427 or http://dx.doi.org/10.2139/ssrn.3251427

Patricia Ann McCoy (Contact Author)

Boston College Law School ( email )

885 Centre Street
Newton, MA 02459-1163
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
12
Abstract Views
215
PlumX Metrics