Washington Report

Advocacy Updates from Washington D.C.

The Consumer Financial Protection Bureau (CFPB) has issued a new Request for Information (RFI) examining the agency’s guidance materials and implementation support, such as fact sheets, rule summaries, webinars, and FAQs. The RFI is also interested in feedback on the reliability of such guidance in terms of legal compliance and the confusion such “disclaimers” may cause. The CFPB has issued a number of RFIs on separate agency practices in order to assess the efficiency and effectiveness of the agency. Links to RFI comments and the due dates are as follows:

  1. Civil investigative demands (CIDs) – due April 26, 2018
  2. Administration adjudications – due May 7, 2018
  3. Enforcement proceedings – due May 14, 2018
  4. Supervision – due May 21, 2018
  5. External engagements – due May 29, 2018
  6. Consumer complaint database – due June 4, 2018
  7. Rulemaking processes – due June 7, 2018
  8. Adopted Regulations and New Rulemaking – due June 19, 2018
  9. Inherited Regulations and Inherited Rulemaking Authorities – due June 25, 2018
  10. Guidance and Implementation Support – due 90 days from publication in the Federal Register.

NAR will be submitting comments on the RFIs and encourage feedback from members wishing to weigh in on these important issues anonymously. For more on the CFPB’s RFI efforts, including future requests, please visit this page on the CFPB website.

NAR staff also recently met with staff at the CFPB to get insight into upcoming agency activities under Acting Director Mulvaney and highlight NAR priorities, such as more clarity on the Real Estate Settlement Procedures Act (RESPA). CFPB staff encouraged submissions on the RFIs to help the agency determine their priority actions in the coming months.