Last week, the American Financial Services Association (AFSA) submitted comments to the Consumer Financial Protection Bureau (CFPB) concerning changes to rules that affect how the CFPB supervises covered companies. These rules pertain to supervisory designation and adjudication proceedings. The CFPB has decided to withdraw previous rule changes with the aim of making operations fairer for covered companies.
The AFSA's letters noted that these efforts by the CFPB would be beneficial both to companies under its jurisdiction and to consumers. Regarding changes to supervisory designation proceedings, AFSA explained that past exercises of the CFPB’s authority were subjectively based and imposed unnecessary hardships on companies offering standard consumer financial products and services already subject to governmental oversight.