On February 16, 2022, the CFPB announced a new process (available here) to receive public petitions for rulemaking or regulatory changes, and to post them on a public docket on the CFPB website for review and comment. The move is intended to strengthen the public right in the U.S. Constitution to petition the government, enhance transparency at the CFPB, and also address the CFPB’s sense that individuals and small businesses often feel the need to engage former government officials, lawyers, or lobbyists to petition federal government agencies.
The CFPB will accept these public petitions under the Federal Administrative Procedures Act, which become part of the public record when received. The CFPB expects each petition to give the contact information for the submitting party, describe the requested action, such as a new rule or repeal or amendment of an existing rule, the factual and legal reasons for the request, and also the expected effects of the proposed action. The CFPB has committed to deliver a final, public response to each petition that it posts to its website with an assigned docket number.
In this blog post concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the newsletter by a reader shall not give rise to an attorney-client relationship with SLG. SLG expressly disclaims any representation of accuracy or reliability as to the content of this newsletter, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this newsletter. The attorneys of SLG are not certified by the Texas Board of Legal Specialization, except as otherwise noted at www.sandlerllc.com.
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