Washington Report

Advocacy Updates from Washington D.C.

CFPB's Latest Request for Information

The Consumer Financial Protection Bureau (CFPB) has issued the likely last notice in a series of Requests for Information (RFIs) examining how the agency handles consumer complaints and inquires.

Since July 2011, the CFPB has received more than 1.5 million consumer complaints, which the agency aims to respond to in a timely and understandable manner by communicating with the provider of the consumer financial product or service. The agency received more than 200,000 consumer inquiries in 2017, which allows consumers to ask questions about financial products or services, submit a complaint, or check the status of a complaint. The agency will provide educational materials and tools, and other relevant government resources, in response to consumer inquiries. In this RFI, the agency is seeking feedback on how to improve these processes, such as the adoption of web chat systems to support submissions.

The CFPB has issued a number of other RFIs on various agency practices in order to assess the efficiency and effectiveness of the agency. Links to RFI comment submissions 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 July 2, 2018
  11. Financial Education Programs – due July 9, 2018
  12. Consumer Complaint and Inquiry Handling Processes – due July 16, 2018

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.

Advertisement