CFPB sets spring rulemaking agenda

May 30, 2014

WASHINGTON (6/2/14)--The Consumer Financial Protection Bureau has released its spring rulemaking agenda, as required under the Regulatory Flexibility Act. Items in the agenda are considered in the pre-rule stage, proposed rule stage or final rule stage.

The agenda is as follows:

  • Mortgages: The CFPB recently convened a small business review panel to discuss potential amendments to the Home Mortgage Disclosure Act. They also plan to focus on implementing a Dodd-Frank Act directive to consolidate and streamline federal mortgage disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act. They will also address clarifications and amendments to the 2013 mortgage rules.

  • Defining "larger participants:" Implementation of their supervisory program for certain nonbank entities by defining "larger participants" in various markets for consumer financial products and services. The CFPB has previously defined larger participants in consumer debt collection, credit reporting and student loan servicing and are in the process of finalizing a rule defining larger participants in the international money transfer market.

  • Debt collection: An assessment of issues in various other markets for consumer financial products. In November, the CFPB issued an advance notice of proposed rulemaking seeking comment, data, and information from the public about debt collection and received more than 23,000 comments.

  • Payday loans and prepaid cards: Researching and considering whether rulemaking is needed in the areas of payday and deposit advance products, as well as consumer overdraft products. The CFPB released a report that analyzed payday lending and found that four of five payday loans are rolled over or renewed within 14 days. They also hope to issue a proposed rule to strengthen consumer protections for the prepaid cards.

  • Privacy disclosures: The CFPB also expects to issue a proposal regarding notices that consumers receive each year from their financial institutions to explain their information sharing policies.

Portions of the agenda will be published in the Federal Register, and the complete list can be found by using the resource link below.

CFPB spring 2014 rulemaking agenda