WASHINGTON—CUNA, NAFCU and two other financial services trade groups have filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau seeking information on the Bureau’s implementation of Section 1071 of the Dodd-Frank Act.
The organizations noted Section 1071 requires financial institutions to compile, maintain, and submit to the CFPB certain data on applications for credit for women-owned, minority-owned, and small businesses.
In their FOIA request, the organizations are asking for any non-public communications between the Bureau and other entities when promulgating rulemaking under section 1071, as well as documentation of policy decisions and procedural compliance regarding those communications under the Paperwork Reduction Act and the Administrative Procedure Act, CUNA reported.
‘Just as Critical’
“Distinct from the substance of rulemaking, yet just as critical, procedural safeguards provide stakeholders equal opportunity to be heard and provide input into the substance of the rulemaking,” the request notes. “Further, the public is informed, and transparency enshrined, when Federal agencies publish records of meetings, letters, emails and other communications, and memorialization of meetings and conversations intended to affect the substance of any rulemaking.
CUNA and NAFCU filed the FOIA request in conjunction with the American Financial Services Association and the Independent Community Bankers of America.