Mulvaney launches public review of entire CFPB
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, issued "a call for evidence" on Wednesday seeking comment on how the bureau can fulfill its proper and appropriate functions to best protect consumers.
The CFPB said it plans to publish a series of requests for information in the Federal Register in the coming weeks asking for the public to weigh in on the agency's enforcement, supervision, rulemaking, market monitoring and education activities.
“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," Mulvaney said in a press release. "Moving forward, the bureau will consistently seek out constructive feedback and welcome ideas for improvement.”
The first request for information will focus on so-called civil investigative demands, known as CIDs, which are issued to companies during enforcement investigations. The bureau said comments received will help "evaluate existing CID processes and procedures" and determine whether any changes are warranted.
The 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," the agency said in a press release.
“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," Mulvaney said.
It was the second significant move by Mulvaney in two days. He announced Tuesday that the agency would reopen its final rule targeting payday lending, a decision that has sparked condemnation by Democrats and consumer groups.