The Consumer Financial Protection Bureau (CFPB) recently released its spring 2015 rulemaking agenda. Created by the Dodd-Frank Act, the CFPB aims to regulate consumer finance markets and services through rulemaking. In accordance with the Regulatory Flexibility Act and as a part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions, the CFPB released its semiannual rulemaking agenda last week. The rulemaking agenda covers a wide range of the CFPB’s major initiative areas and outlines expectations for progress on those initiatives.
The CFPB’s agenda provides a timeline for a number of rules to be finalized. For example, the CFPB focuses on finalizing a rule to implement Dodd-Frank Act amendments to the Home Mortgage Disclosure Act. The rule, which aims to align the law with existing industry standards for data collection on loan applications, is expected in late summer. Further, a CFPB rule consolidating federal mortgage disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act is scheduled to take effect on August 1, 2015. In addition, a finalized rule modifying mortgage reforms for smaller creditors is expected in fall 2015, while a rule to clarify mortgage services questions is expected in spring 2016. The CFPB also indicates that a final rule creating general protection requirements for prepaid financial products, such as reloadable prepaid cards and digital/mobile wallets, is expected in January 2016.
The agenda also summarizes several rules to be proposed, providing long-term plans without definite timelines. The CFPB is considering developing proposals in the following areas: payday lending, auto title loans and certain other long-term credit products; a rule defining “larger participants” in the auto lending market; and rules concerning debt collection. Continued CFPB research will determine if rulemaking is necessary for overdraft services on checking accounts and whether rules governing arbitration clauses may be warranted.
Overall, the CFPB rulemaking agenda provides a reference on the status of current CFPB issues and future expectations. Proposed deadlines are subject to change as the CFPB continues its research and work with different consumer financial services markets. The next update will be released in the fall.