CFPB Proposes Framework for Periodic Rule Review

The CFPB requested comment on a proposed framework for certain periodic rule review.

Pursuant to Section 610 of the Regulatory Flexibility Act, each agency is required to periodically review the rules issued by such agency which have a significant economic impact upon a certain number of small entities. Given that the CFPB anticipates performing reviews in the coming years to comply with this rule, it is requesting comment on the review plan itself, even though it is not required to do so.

Under the proposed review plan, the CFPB intends to commence the review roughly nine years after each rule’s publication. The CFPB will consider several factors in each review, including the:

  1. continued need for the rule;
  2. nature of public complaints or comments on the rule;
  3. complexity of the rule;
  4. extent to which the rule overlaps, duplicates, or conflicts with Federal, state, or other rules; and
  5. time since the rule was evaluated or the degree to which technology, market conditions, or other factors have changed the relevant market.

Comments must be received within 60 days of the date that the request is published in the Federal Register.

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