Explore guides to help you plan for big financial goals, recommendations issued by the Administrative Conference of the United States, submit petitions for rulemaking directly to the CFPB. Whether it takes the form of excluding neighborhoods with certain demographics from mainstream credit or targeting them with predatory products, the CFPB is combatting these unlawful practices to achieve meaningfully restorative outcomes for the affected consumers and communities. This initiative represents the latest step by the CFPB in pursuit of its agenda to increase consumer input into its decisions and the transparency of its decision-making. Our new program will broaden access to the agencys rulemaking process.. Todays announcement is part of a series of steps the CFPB is taking to ensure high standards of transparency and ethics, particularly when it comes to addressing the corrosive effects of the revolving door. The CFPB recently announced new staff guidance to report former government employees that may be misusing information they obtained while working in the government. As described in the outline, the CFPB is considering proposals, for instance, that would empower consumers who want to switch providers to transfer their account history to a new company, so they do not have to start over if they are unsatisfied with the service provided by an incumbent firm. The CFPB responded to the petition on November 13, 2020. Equal Employment Opportunity Commission, Protecting consumers right to challenge discrimination, Protegiendo a propietarios de tasaciones discriminatorias de viviendas, Algorithms, artificial intelligence, and fairness in home appraisals, FFIEC Announces Availability of 2022 Data on Mortgage Lending, Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations, Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule, CFPB RegCast: Institutional Coverage under the Small Business Lending Rule, January 5, 2021 Release of the Taskforce on Federal Consumer Financial Law Report, CFPB Symposium: Abusive Acts or Practices. Fall 2021 Rulemaking Agenda Feedback should be emailed to Financial_Data_Rights_SBREFA@cfpb.gov no later than January 25, 2023. Competition and Innovation Advisory Committees Warning Letters Payments to Harmed Consumers Industry Whistleblowers Petitions for Rulemaking CRL/CBA Petition CRL/CBA petitioned the CFPB. , Advance Notice of Proposed Rulemaking (ANPRM), Weve issued a new rule to help protect consumers using prepaid accounts, Weve updated our mortgage servicing rules to provide greater protections for mortgage borrowers and other homeowners, Consumers Count: Five years standing up for you, Opening Statement of Director Rohit Chopra before the House Committee on Financial Services, Opening Statement of Director Rohit Chopra before the Senate Committee on Banking, Housing, and Urban Affairs, Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule, CFPB RegCast: Institutional Coverage under the Small Business Lending Rule, CFPB Symposium: Cost-Benefit Analysis in Consumer Financial Protection Regulation, CFPB Symposium: Consumer Access to Financial Records. The CFPB responds to petitions from interested persons for the issuance, amendment, or repeal of a CFPB rule, as required by the Administrative Procedure Act. 2.1.2. You dont have to be an expert or a lawyer to give comments. The CFPBs personal financial data rights rulemaking has the potential to jumpstart competition, giving Americans new options for financial products.. Read more about the rulemaking petitions process, including how and where to submit petitions and comments on petitions. On February 16, the CFPB announced the launch of a new process for the public to submit petitions for rulemaking directly to the Bureau. PDF Federal Register /Vol. 88, No. 128/Thursday, July 6, 2023 You can also learn about how the CFPB works with the Small Business Review Panel on rules that could have significant economic impacts on small entities. CFPB Launches Portal for Public Petitions for Rulemaking Advance Financial petitioned the CFPB regarding the CFPBs regulation governing Payday, Vehicle Title, and Certain High-Cost Installment Loans. Letter to the CFPB RE: Petition for rulemaking defining larger 553(e)). The CFPB remains committed to protecting individuals, small businesses, and communities from discrimination, holding institutional and individual bad actors accountable, and ensuring robust and comprehensive remedies for violations of the laws under our jurisdiction. On February 16, 2022, the CFPB announced that members of the public are now able to submit petitions for rulemaking directly to the agency and request regulatory changes, such as requests for the issuance, amendment, or repeal of a CFPB rule. Susan M. Bernard In particular, we have solicited comments and information from small businesses and small business lenders (some which are themselves small businesses), including minority- and women-owned small businesses. The publics petitions will help the CFPB identify consumer protection issues worthy of reform, rulemaking, or in need of further clarification. The New Civil Liberties Alliance (NCLA) petitioned the CFPB regarding agency guidance documents. which will take place at the CFPB's Washington, D.C. headquarters, will feature leadership from the White House, the U.S. Department of Health and Human Services, and the U.S. Department of the Treasury. Follow CFPB on Twitter and Facebook . An important question is how this new policy might affect general industry interactions with the CFPB regarding supervisory, enforcement, or other policy issues that could raise indirect questions about rulemaking issues. CFPB v. Timemark Solutions, Inc., et al. | Consumer Financial CFPB Allows Consumers to Directly Petition for Rulemakings on February 16, 2022 Compliance and Risk, Newsbytes The CFPB today announced a new process through which consumers may petition the bureau directly for rulemaking actions. The National Consumer Law Center (NCLC) petitioned the CFPB. Members of the public can request that the agency pursue a new rule, amend an existing one, or repeal a rule. The CFPB today announced a new process through which consumers may petition the bureau directly for rulemaking actions. CFPB Proposals for Section 1033, Personal Financial Data Rights - KPMG It would be prudent for the industry to pay attention to how the CFPB implements this policy. If you want to republish the article Synthetic identity fraud: Can your team recognize it? The rulemaking process will include panel convenings to seek feedback from small entities on the proposals under consideration. While the reform increases consumers' ability to be heard by the agency, it is also intended by the CFPB to impact the ability of former government employees, lawyers, and lobbyistsas well as the organizations that hire themto influence the agency. According to the CFPBs press release, the new process follows recommendations issued by the Administrative Conference of the United States. CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 In March 2019, we released an ANPRM to solicit information in order to develop a proposed rule and are continuing to engage with stakeholders and collect information for the rulemaking, including by collecting quantitative data on the effect of PACE on consumers financial outcomes. The CFPB responded to the petition on March 10, 2023. Read the CFPBs Outline of Proposals and Alternatives Under Consideration, Small Business Advisory Review Panel for Required Rulemaking on Personal Financial Data Rights . All petitions and related materials submitted will become part of public record and will be subject to public disclosure, and the CFPB will respond to petitions for the issuance, amendment or repeal of an existing rule as required by the Administrative Procedures Act. PDF The Rulemaking Process - Federal Register The U.S. Constitution guarantees the publics right to petition the government. Americans should be able to easily exercise their Constitutional rights without hiring a high-priced lawyer or lobbyist, said CFPB Director Rohit Chopra. The new process is in line with recommendations issued by the Administrative Conference of the United States for improving transparency and ensuring that the public has a meaningful opportunity to petition the government. On May 31, 2023, the Federal Trade Commission ("FTC") requested public comment on a petition for rulemaking it received from six national consumer advocate groups regarding "yo-yo sales," a term the groups use to refer to motor vehicle sale transactions where credit terms or other deal terms are changed post-purchase and delivery of the vehicle . Once a regulation is in place, we provide support and resources to help stakeholders understand and comply with the rule. We have been working on this important and complex rulemaking for a number of years, through research, policy development, and public engagement. Regarding the CFPBs stated requirement that the industry use this public process, the CFPB stated, former government employees and other individuals who are paid to influence the agencys rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead. The CFPB stated that this announcement is part of a series of steps the CFPB is taking to ensure high standards of transparency and ethics, particularly when it comes to addressing the corrosive effects of the revolving door. The CFPB then noted its prior November 2021 guidance to its staff regarding potential misconduct by former CFPB employees that may be misusing information they obtained while working in the government or otherwise violating ethics rules, which can be accessed here. This rulemaking is important for the millions of consumers who have adjustable-rate mortgages, credit cards, student loans, reverse mortgages, home equity lines of credit, or other loans that are tied to the LIBOR index. It has not yet issued a report on its findings from the monitoring orders. (855) 411-2372 Close Open the main menu Close the main menu Back Back Twice a year, the CFPB publishes an agenda of its planned rulemaking activities. For more information about this and related industry topics, see www.Venable.com/cfs/publications. Washington, D.C. - Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers' access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. The CFPB is now accepting petitions for agency action submitted directly by members of the American public, according to a press release and a new portal that was opened on February 16, 2022. Consistent with the Bureaus past practice, we have published the Bureaus Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). Product benefits based on atypical use cases should be questioned and tested to protect consumers and small businesses from future harm . Washington, DC 1333 New Hampshire Ave NW The reforms announced today will make it easier for individuals to directly submit a petition for rulemaking to the CFPB. CFPB establishes new process for submission of petitions for rulemaking Research has shown that the ability of consumers to permit access to third parties of certain consumer financial account data may improve lenders ability to determine that a consumer is credit-worthy, and may also expand the consumers access to credit by expanding their choices with respect to lenders and potentially allowing lenders to provide credit at more affordable prices than if they relied on traditional credit scoring alone. In August 2020, we began our RFA section 610 review of Regulation Z rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009. And we will continue to take a whole-of-government approach to protect consumers from harmful uses of automated systems marketed as artificial intelligence. The CFPB, an independent agency, HHS, and the Treasury (collectively, the agencies), are soliciting comments from the public and interested parties on medical credit cards, loans, and other financial products used to pay for health care. Petitions will not be edited to remove any identifying or contact information. Subscribe to receive our latest blog posts in your inbox. Explore guides to help you plan for big financial goals, By "Former government employees and other individuals who are paid to influence the agency's rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead." CFPB Gives Public the Ability to Petition for Rulemaking - insideARM.com It also fulfills the statutory requirement that the CFPB, in consultation with HUD, report annually on the utility of the Home Mortgage Disclosure Acts requirement that covered lenders itemize certain mortgage loan data. In its announcement, the CFPB said that "former government employees and other individuals who are paid to influence the agency's rulemaking agenda behind the scenes will be asked to submit. Under the new process, members of the public can submit a petition to request "that the agency pursue a new rule, amend an existing one, or repeal a rule" without hiring expensive help. Clear data rights for consumers have the potential to give individuals more bargaining leverage. Submitting a petition You can submit your petitions for rulemaking by emailing petitions@cfpb.gov Petition, Laying the foundation for open banking in the United States, Algorithms, artificial intelligence, and fairness in home appraisals, Opening Statement of Director Rohit Chopra before the House Committee on Financial Services, Opening Statement of Director Rohit Chopra before the Senate Committee on Banking, Housing, and Urban Affairs, Your contact information (full name, address, telephone number, email address), The type of action you are requesting (e.g., whether the CFPB should issue a new rule or repeal or amend an existing rule), The factual and legal reasons for the proposed action, The expected effects the proposed action will have on relevant parties (e.g., consumers, industry, enforcement authorities), Duplicate identical submissions (submitted by the same submitter(s) through different means), Copyrighted material owned by someone other than the submitter, Submissions that are disavowed by the named author or submitter. For more information, visit consumerfinance.gov. We carefully assess the benefits and costs of the regulations we are considering for consumers and financial institutions. The CFPB has published its new procedures for submitting petitions on its website. Through 2023 and beyond, the CFPB will continue to stand up for those consumers and small businesses who are the least resourced to fight back against exploitation.
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