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Acting Director Mick Mulvaney recently announced a call for evidence and upcoming Requests for Information (RFIs) regarding the Consumer Financial Protection Bureau (CFPB). This public review is meant to ensure that the agency is sufficiently meeting its statutory obligations to protect consumers.
As the CFPB’s purpose is to assist consumer finance markets in navigating regulations and laws, and empower consumers in taking control of their finances, it’s important that the agency is functioning at high-capacity.
According to the CFPB press release, the call for evidence focuses on the Bureau’s fulfillment of its “proper and appropriate functions.” In the next few weeks, the Bureau will publish a series of RFIs that seek public opinion “on enforcement, supervision, rulemaking, market monitoring, and education activities.” This allows consumers to voice their suggestions in important decisions regarding how the agency manages their resources.
“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,” states Acting Director Mulvaney. “I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate.”
NAWRB intends to participate in the Bureau’s review, on behalf of consumers and small business owners, by providing thoughtful comments to the forthcoming RFIs. Collaborative efforts to ensure the protection of consumers’ hard-earned resources is a move in the right direction.