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.

(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.