CFPB Tries to Make it Easier for Consumers to Give Opinions About New Rules
The Consumer Financial Protection Bureau (CFPB) is trying to make it easier for consumers to participate in the rulemaking process for federal agencies, including those affecting banks and mortgage lenders. Federal law requires that the public has a chance to read proposed rules and make comments before the rule is finalized. The proposed rule is published in the Federal Register, the daily journal of the U.S. government. Public access is good, but many people have never heard of the Federal Register and don’t include it in their scan of news. This means that consumer opinion is not heard during the rulemaking process.
The CFPB is partnering with Cornell University in a project called Regulation Room. They are researching how to remove barriers to public participation and their first step is to get public opinion on the CFPB’s proposed mortgage servicing rules. The Regulation is operated by students and staff at Cornell, not the CFPB, as they attempt to use social media and forums to make it easier for people to discuss and participate in the rulemaking process.