CFPB’s Regulatory Flexibility Act - CUNA files Comment Letter, Jul 15

CUNA filed a comment letter today with the CFPB in response to its plan to review regulations pursuant to the Regulatory Flexibility Act (RFA).  In May, the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input. Additionally, the Bureau published a notice requesting public input as part of its first RFA review examining the 2009 Overdraft Rule. 

In Section 610 of the RFA, Congress specified that agencies review certain rules within 10 years of their publication and consider the rules’ effect on small businesses. The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities, consistent with the stated objectives of applicable statutes. At the conclusion of each review, the Bureau will determine whether the rule should be continued without change or should be amended or rescinded.

The RFA requires each agency to invite public comment on each rule undergoing review and to consider specific factors, including:

  • The continued need for the rule;
  • The nature of public complaints or comments on the rule;
  • The complexity of the rule;
  • The extent to which the rule overlaps, duplicates, or conflicts with federal, state, or other rules; and
  • The time since the rule was evaluated or the degree to which technology, economic conditions, or other factors have changed the relevant market.

The public had 60 days to comment on the CFPB’s plan after publication in the Federal Register.  The comment period ended July 15.

The CFPB’s RFA 610 review plan can be found at:

 https://files.consumerfinance.gov/f/documents/cfpb_rfi_regulatory-flexibility-act.pdf