Those fight back packets must have really worked! Groups all over the U.S. like TOFSC sent in so many comments from their customers that the CFPB is facing a massive backlog in reviewing them.

by The CAB Man Texas on November 18, 2016

(CFSA) anticipates that more than one million concerned Americans will have spoken out against the CFPB’s “Payday Loan” rule.

The CFPB now faces a massive backlog in its comment portal. Presently, only 158,259 (as of 10/26 the totals were 144,140 so that’s 14,119 in three weeks) comments are publicly accessible on the Bureau’s Regulations.gov comment portal.

According to Director Cordray’s estimates at the time, there was a backlog of at least 855,860 comments that the CFPB must account for, that leaves about 697,601 to go.  At 4,706 per week that is 148 weeks or almost 3 years!  They have upped the pace from last we reported.  

Link to the “comment watch:” http://www.cfpbcommentwatch.com/ 

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.

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