(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.
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.