August 30, 2016
AAF Research Finds CFPB Rulemaking Is 3.5 Times Faster Than Other Agencies
The American Action Forum (@AAF) today released new research that examines rulemakings by the Consumer Financial Protection Bureau (CFPB) since its inception in 2010. The AAF research found that the CFPB is issuing regulations at a rate 3.5 times faster than other federal agencies. The median CFPB rule takes 114 days to complete, compared to 401 days for other federal agencies. The CFPB has imposed $2.8 billion in regulatory costs from just 26 regulations. Additionally, the research finds that the CFPB has an error rate of 25 percent in its rulemakings.
Click here to read the research.