Comment on the Request for Information on Rulemaking Processes by the Consumer Financial Protection Bureau, CFPB Docket No. CFPB-2018-0009

On March 7, 2018, the Consumer Financial Protection Bureau, under Acting Director Mick Mulvaney, issued a Request for Information eliciting public comment on its rulemaking processes. This response expresses concern that under its new leadership, the Bureau is retreating from its commitment to fair, open, and data-driven rulemakings in response to industry pressure. The response argues that the Bureau must refrain from any actions that would undermine that commitment, including: (1) creating artificial obstacles to on-boarding quantitative data; (2) prohibiting the use of qualitative data and consumer anecdotes; (3) compromising the independence of its cost-benefit analyses; and (4) relying on new data, studies or reports after a Notice of Proposed Rulemaking appears without disclosing that reliance. The response further calls on the Bureau to strengthen its ex parte policy to ensure timely public posting of all ex parte communications involving rulemakings.