When the Consumer Financial Protection Bureau first began regulating, rule-writing, and examining, consultants and other observers of the compliance scene frequently said, “There’s a new cop on the beat.”
Under the Trump Administration’s Acting Director Mick Mulvaney, the cop wants to know what financial players think about the enforcement facet of the bureau.
The latest “request for information,” announced Feb. 6, is the third in a series of such efforts Mulvaney announced shortly after taking his post. The first request concerns bureau investigative demands and the second concerns CFPB’s administrative hearing process.
Besides soliciting general input, the announcement, which will be published in the Federal Register (expected Feb. 12) as well, seeks input on 7 specific points. Two of special note: the suggestion that the bureau adopt a matrix of civil money penalties and a request for commentary on the bureau’s NORA process—Notice and Opportunity to Respond and Advise.
The next request, expected to be released next week, will concern CFPB supervisory processes.
- Look Before You Leap: Key Considerations for Moving to a Digital-Only Model
- Disruptions Past, Present and Future Raise the Existential Question: “What Are Banks For?”
- Study Links Credit Card Offer to Bank Choice
- What Banks Can Learn From the United Capital Acquisition
- What the Win-Win Partnership Between Apple and Goldman Sachs Means for Payments