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Financial Services Law Insights and Observations

CFPB releases RFI on enforcement process

Federal Issues RFI CFPB CFPB Succession Enforcement

Federal Issues

On February 7, the CFPB released its third Request for Information (RFI) in a series seeking feedback on the bureau’s operations.  This RFI solicits public comment on “information to help assess the overall efficiency and effectiveness of [the bureau’s] processes related to the enforcement of federal consumer financial law.” The RFI broadly requests feedback on all aspects of the enforcement process but also highlights specific topics on which comment is requested, including (i) timing and frequency of communication from the Bureau during investigations, including information about the status of the investigation; (ii) length of investigations; (iii) the Notice and Opportunity to Respond and Advise (NORA) process, including whether invocation of the NORA should be mandatory and whether the bureau should afford subjects of potential enforcement actions the right to make an in-person presentation to bureau personnel prior to the bureau determining whether to initiate legal proceedings; (iv) civil money penalty (CMP) amounts, including whether the bureau should adopt a CMP matrix; (v) the standard provisions of consent orders; and (vi) how the bureau should coordinate its enforcement activity with federal or state agencies with overlapping jurisdictions. The RFI is expected to be published in the Federal Register on February 12. Comments will be due 60 days from publication.

InfoBytes coverage of previous RFIs can be found here and here.  

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