The Consumer Financial Protection Bureau (CFPB) pushes out rules more quickly than other federal agencies, according to a new report.
The conservative American Action Forum found that the CFPB’s “pace of rulemaking is 3.5 times faster than that of other significant executive agencies.”
The CFPB has finalized 49 rules since it was founded in July 2011, according to the report, which take an average of 197 days to complete each.
“The average CFPB rule still moves far faster than the average cabinet agency rulemaking,” Sam Batkins, director of regulatory policy at the American Action Forum, noted in the report.
This makes the CFPB’s rules more susceptible to mistakes, the report argued. The agency has issued corrections on 13 rules, which amounts to greater than a 25 percent error rate.
The report also noted that the CFPB finishes many of these rules long before they are posted in the Federal Register for public comment and review.