CFPB Tries to Make it Easier for Consumers to Give Opinions About New Rules

August 20, 2012, Written By Natalie Rutledge
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.

This entry was posted in Credit Card News and tagged Consumer Financial Protection Bureau , consumers , rules

The information contained within this article was accurate as of August 20, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at
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