Susan Seaman will present, "Please Hold Your Comments: Deep Dive Into CFPB Rulemaking," at the ABA Consumer Financial Services Committee Winter Meeting on January 22, 2023.
The Consumer Financial Protection has recently increased its issuance of interpretative rules, advisory opinions, CFPB circulars, and compliance aids, some of which have adopted controversial interpretative positions. The CFPB has taken the position that this guidance is not subject to the Administrative Procedure Act’s notice-and-comment requirement. As a result, this guidance may become effective upon publication to the Federal Register. Adding to the controversy, a recent U.S. Supreme Court decision in West Virginia v. Environmental Protection Agency struck down regulatory actions that were based on “vague” or “ancillary” statutory authority. This panel will discuss the CFPB’s issuance of interpretative rules and policy statements outside of the APA’s notice-and-comment process and whether the CFPB’s issuance of interpretative rules and policy statements could be curbed in the future.
For more information, visit the event website.