CFPB Makes It Easier for Public to Petition for Rule Changes

The Consumer Financial Protection Bureau (CFPB) is making it easier to talk with the agency about rule changes, as the public can now submit petitions to be posted on public dockets for review and comment, according to a Wednesday (Feb. 16) news release.

The release notes that the U.S. Constitution “guarantees the public’s right to petition the government.” While the public has always been able to comment on rules and other CFPB actions, individuals and small businesses often believe they have to hire lawyers or lobbyists to be heard.

With the new reforms, individuals will have an easier time directly submitting petitions for rulemaking. Ex-government employees and others paid to influence the agency will be asked to submit their petitions for public inspection.

“Americans should be able to easily exercise their constitutional rights without hiring a high-priced lawyer or lobbyist,” said CFPB Director Rohit Chopra. “Our new program will broaden access to the agency’s rulemaking process.”

It’s one of the steps the CFPB is taking to improve transparency and ethics, particularly when it comes to the “revolving door” of federal workers lobbying their former employers.

The CFPB also recently made its intentions more clear on cracking down on “junk fees” charged by financial institutions.

Read more: CFPB’s Fight Against ‘Junk Fees’ May Need Further Explanation

In an interview with The Washington Post last week, Chopra said that “people are sick and tired of this fee creep that is all over the economy.”

He decried the line items added to bills, which end up obscuring the upfront price of a product, saying that in many cases, there are “fees where there’s not even a service provided or where the bank or financial institution doesn’t even do any work.”

He said this at a time when the CFPB is shining a light on overdraft fees at U.S. banks that take advantage of “a captive relationship with the consumer to drive excess profits.”