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CFPB Report: 2014-SR-C-013 September 29, 2014

The CFPB Complies With Section 1100G of the Dodd-Frank Act, but Opportunities Exist for the CFPB to Enhance Its Process

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Summary of Recommendations

Rec. no. Report page no. Recommendation Responsible office
1 10 Finalize Interim Guidance on Regulatory Analysis for Substantive Rulemakings under the Dodd-Frank Act and Interim Guidance on the Small Business Review Panel Process under the Regulatory Flexibility Act, as amended by the Small Business Regulatory Enforcement Fairness Act and the Dodd-Frank Act based on lessons learned since the implementation of these two guidance documents. Among other things, the final documents should address
    1. procedures for certifying that a rule would not have a significant economic impact on a substantial number of small entities.
    2. knowledge sharing and transfer within rulemaking teams.
    3. the importance of meeting statutory deadlines.
    4. the implementation of preventative internal controls that could minimize the risk of noncompliance with statutory deadlines.
    5. measures for monitoring statutory rulemaking compliance.
Division of Research, Markets,and Regulations
2 12 Establish a standard approach to managing electronic documents that facilitates retrieval of rulemaking supporting documentation. Division of Research, Markets, and Regulations
3 13 Work with the Chief Administrative Officer and Chief Information Officer to ensure that the standard approach complies with the CFPB's Policy for Records Management, in addition to other applicable provisions, such as the Federal Records Act, including National Archives and Records Administration regulations, specifically 36 C.F.R. part 1236, Electronic Records Management. Division of Research, Markets, and Regulations