WASHINGTON—The Consumer Financial Protection Bureau announced that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings.
The new policy gives commenters 10 business days to submit a documentation of a presentation, via written copy or summary, up from three days in the original policy. CUNA stated that it appreciates the CFPB’s move.
“Under the current policy, an ‘ex parte presentation’ means ‘any written or oral communication’ by ‘any person outside the CFPB that imparts information or argument directed to the merits or outcomes of a rulemaking proceeding,’” explained CUNA. “CUNA believes in the importance of the Bureau’s ex parte policy to create a record of communications between credit unions and CFPB staff, and as an avenue to highlight credit union concerns and suggestions to improve CFPB rules.”