CFPB Announces New Process to Submit Petitions for Rulemaking

On February 16, 2022, the CFPB announced that members of the public are now able to submit petitions for rulemaking directly to the agency and request regulatory changes, such as requests for the issuance, amendment, or repeal of a CFPB rule.  All petitions, including attachments and other supporting materials, will be posted publicly for review and comment. 

According to the CFPB, the new process is in line with the recommendations of the Administrative Conference of the United States for improving transparency and ensuring that the public has a meaningful opportunity to petition the government.  The CFPB stated that the new process is also part of a series of steps the CFPB is taking to “ensure high standards of transparency and ethics,” including “addressing the corrosive effects of the ‘revolving door.’” 

The CFPB recommends that petitioners include the following information with each submission:

• The petitioner’s contact information;
• The type of action being requested (e.g., whether the CFPB should issue a new rule);
• The factual and legal reasons for the proposed action; and
• The expected effects the proposed action will have on relevant parties.

Additional information regarding how and where to submit petitions is available here.