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CFPB setup continues director awaits confirmation
WASHINGTON (8/5/11)--The Consumer Financial Protection Bureau (CFPB) remains without an official leader after a Senate Banking Committee nomination hearing for potential director Richard Cordray was postponed until September earlier this week, but the agency has continued to take initial steps in recent weeks to set the stage for its future work. Rules that authorize CFPB officials to begin civil investigations, demand investigation-related materials and documents from individuals and businesses, and hold investigational hearings are among those released. The CFPB has also set forth rules covering adjudication proceedings related to these investigations. Groups or individuals that are involved in adjudication proceedings will have standard legal rights during the hearings, and would ultimately have the right to appeal a CFPB ruling if the agency rules against them. The agency has published rules that codify how state government officials will notify the agency of any of their own regulatory or enforcement actions. Specifically, the CFPB has said that state officials must notify the CFPB of these types of actions within 10 days of the action. Additionally, rules addressing how citizens and others can obtain CFPB-related information under the Freedom of Information Act have been released. CFPB recordkeeping practices were also covered in a release. All of these rules are effective as of July 28, and all are open to public comment. The CFPB has said it will accept comment until Sept. 26. The CFPB also continues to set up specialized consumer offices. For instance, it announced earlier this week that Holly Petraeus would lead its Office of Servicemember Affairs. Petraeus has previously served as the director of the Better Business Bureau (BBB) Military Line, a joint BBB/Department of Defense project that provides consumer education and advocacy for military families. She is the wife of General David Petraeus and the daughter of a former West Point superintendent. The CFPB office will work to shield U.S. servicemembers and their families from abusive financial practices and will generally monitor servicemember questions and complaints regarding consumer financial products and services. It will also coordinate responses with CFPB staff and other federal and state agencies. For more on this CFPB initiative, and the CFPB’s other recent actions, use the links below to read information published in the Federal Register.
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