ABA Continues to Challenge CFPB’s Improper Use of Research Clearance

In a comment letter on Wednesday, the American Bankers Association continued its challenge of the Consumer Financial Protection Bureau’s improper use of a streamlined review process to conduct research related to overdraft services without providing the public with notice and an opportunity to comment on its research approach. ABA and the Consumer Bankers Association pointed out that the bureau has used the “generic clearance process” to conduct surveys and other information collections on substantive and policy-related issues, such as overdraft — even though guidance published by the Office of Management and Budget prohibits using the generic clearance process for this purpose.

ABA and CBA urged OMB to issue revised guidance that prohibits an agency from using the generic clearance process to conduct research on overdraft or other policy issues and to require an agency to provide notice to the public whenever it seeks to conduct a survey or other information collection, under a generic clearance, on a topic that is or may be the subject of rulemaking. For more information, contact ABA’s Jonathan Thessin.