The Consumer Financial Protection Bureau (CFPB) wants to make it easier for consumers to change the rules when it comes to consumer finance via a public petition service.
According to a release, as of today members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will then be posted on public dockets for review and comment.
CFPB Director Rohit Chopra issued the following statement:
“Americans should be able to easily exercise their Constitutional rights without hiring a high-priced lawyer or lobbyist. Our new program will broaden access to the agency’s rulemaking process.”
The initiative is expected to make it easier for individuals to directly submit a petition for rulemaking to the CFPB.
Members of the public may request that the agency pursue a new rule, amend an existing one, or repeal a rule.
Former government employees and other individuals who are paid to influence the agency’s rulemaking agenda behind the scenes will be asked to submit their petitions for public inspection instead.
The CFPB said that the new project is part of a broader initiative to ensure transparency and high ethical standards.
The CFPB is a relatively new agency that holds a mission to ensure fair and equal treatment of consumers by the countries financial services firms.
