CFPB Considers Comment Period Extension for Prepaid, but More Time Seems Unlikely
In a Jan. 27 letter to U.S. Rep. Sean P. Duffy (R-Wis.) and several other members of Congress, CFPB Director Richard Cordray said the agency would give the lawmakers’ request for a 60-day extension to the comment period for its prepaid NPRM “serious consideration.” But the rest of the letter suggests that the agency feels the 90-day comment period—plus the 40 days the rule was posted on the CFPB’s Website prior to the official start of the comment period—will be adequate for stakeholders to comment on the proposal.
“We expect that interested persons will use this additional time to develop and provide to the Bureau in-depth analysis and data in response to our proposal,” he wrote. Cordray also said the agency would reach out to stakeholders to aid its development of the final rule.
Lawmakers and industry groups sent requests to the CFPB requesting a 60-day extension to the comment period for the 890-plus page NPRM. As of now, the deadline remains March 23, 2015.
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