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CBA, FSR Submit Comments on Bureau's Administrative Adjudication RFI
On Monday, May 7, 2018, CBA and the Financial Services Roundtable (FSR) filed comments on the RFI regarding the Bureau Rules of Practice for Adjudication Proceedings. The associations stressed the importance of expeditious resolution and urged the Bureau to look to the Federal Rules of Civil Procedure (FRCP) and the Federal Rules of Evidence (FRE) as benchmarks for specific timelines, breadth of relevant discovery, and other procedural standards. The groups stressed that alignment between the Bureau’s rules on administrative adjudications with the FRCP and FRE would allow respondents to have more clarity regarding the manner in which these proceedings are organized, as most respondents have familiarity with these two standards, and also would provide respondents with more of an ability to appropriately respond to potential charges.
Specifically, the Associations also urged the Bureau to amend the Rules to provide respondents with more time to prepare a response to a notice of charges. Provide respondents with sufficient time to adequately investigate and prepare a well-informed submission, amend the “affirmative disclosure” process for discovery, withdraw its policy of disfavoring the granting of requests for extensions to file responses, produce documents in electronic form to respondents in the first instance and at the Bureau’s expense, and amend the rules to provide respondents with more expansive discovery.
For more information on CBA's engagement in the Bureau's RFIs, click here.