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WBK Industry News - Federal Regulatory Developments

BCFP Issues RFI and Report on its Data Collections

On September 28, 2018, the Bureau of Consumer Financial Protection issued a request for information (RFI) seeking comments on the overall efficiency and effectiveness of the Bureau’s data governance program and its data collections. Concurrently with the release of the RFI, the Bureau also issued a report on the sources and uses of data at the Bureau (the Report).

In the RFI, the Bureau identifies various topics and seeks comments on:

  • Specific discussions of any potential changes to the Bureau’s data collection processes, consistent with the laws providing the Bureau with data collection authority and the Bureau’s statutory purposes and objectives, including, in as much detail as possible, the nature of the requested change, supporting data or other information on impacts, costs, benefits, or information concerning alignment with the processes of other agencies; and
  • Specific identification of any aspects of the Bureau’s approach to its data collections that are working well, and including, in as much detail as possible, supporting data or other information on impacts, costs, benefits, or information concerning alignment with the processes of other agencies.

The Bureau also provides a detailed list that solicits more specific feedback related to the above noted topics.

Comments must be received by December 27, 2018.

A copy of the RFI can be found at: https://www.gpo.gov/fdsys/pkg/FR-2018-09-28/pdf/2018-21162.pdf.

A copy of the Report can be found at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/bcfp_sources-uses-of-data.pdf.