NCUA, CFPB release updated rulemaking agendas

July 6, 2020

The NCUA and Consumer Financial Protection Bureau (CFPB) released their Spring 2020 rulemaking agendas. The agendas cover regulatory issues the agencies expect to work on in the coming months, but are mostly predictions and can be amended at any time.

The CFPB’s list covers matters it expects to focus on between May 1, 2020 and April 30, 2021. It also includes updates on several major rulemakings, including:

  • In September the CFPB plans to take steps toward implementing Section 1071 of the Dodd-Frank Act, which amended the Equal Credit Opportunity Act (ECOA) to require a data collection on women-owned, minority-owned, and small businesses;
  • In the fall it plans to propose two new rules under the Home Mortgage Disclosure Act (HMDA):
    • The rule focuses on the data points that are reported under the 2015 HMDA rule and coverage of certain business or commercial purpose loans;
    • The second addresses the public disclosure of HMDA data, in light of consumer privacy interests.
  • In October the CFPB expects to take final action on its proposed rule governing the activities of “debt collectors,” as defined under the Fair Debt Collection Practices Act. The proposal would, among other things, address communications in connection with debt collection; and interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and
  • Later this year the CFPB is considering a proposed rule proposing a new “seasoning” definition of Qualified Mortgage (QM). This definition would create an alternative pathway to QM safe-harbor status for certain mortgages when the borrower has consistently made timely payments for a period.

NCUA’s agenda includes:

  • Proposals on automated valuation models, incentive-based compensation arrangements, investment on deposit activities; credit union service organizations, purchase, sale and pledge of loans, compensation in connections with members and lines of credit to members, transition to the current expected credit loss (CECL) methodology, golden parachute and indemnification payments, subordinated debt, joint ownership share accounts, complex credit union leverage ration and corporate credit unions;
  • Final rules on residential real estate appraisals, interagency guidance on credit union risk review systems, chartering and field of membership and combination transactions with non-credit unions.