CFPB Releases Ex Parte Policy Update for Rulemakings
Thu 27 Apr, 2017 / by McIntyre & Lemon / Client Alerts
04/27/17 – The CFPB is updating its policy on ex parte communications.
Since its establishment in 2011, the CFPB adopted an ex parte policy, which requires public disclosure of ex parte communications made to the Bureau’s decision-making staff about pending rules.
The CFPB has made some updates to ensure continued fairness and transparency in its rulemaking proceedings while also encouraging candid input from state entities.
The policy addresses the procedures, deadlines, and exceptions for publicly disclosing ex parte presentations. Key updates include:
- State Entity Exemption: The state exemption includes state attorneys general, state bank regulatory authorities, and agencies that license, supervise, or examine the offering of consumer financial products or services; and
- Procedural Improvements: Stakeholders are now only required to send ex parte communications directly to the CFPB and the Bureau’s staff will post to the public docket on regulations.gov.
The updated policy also extends the time period for outside parties to summarize meetings—from three to 10 business days—to be posted by CFPB staff within a reasonable period before the final rule is published.