CFPB Releases Spring 2015 Rulemaking Agenda
The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings:
- Home Mortgage Disclosure Act. The CFPB issued a proposed rule in August 2014 to implement Dodd-Frank Act amendments to the Home Mortgage Disclosure Act (HMDA). The proposal would expand requirements for collecting data on mortgage loans and applications. It would also expand institutional and transactional coverage, modify reporting requirements, and clarify certain existing regulatory provisions. A final rule is expected late summer 2015.
- Modifications to Mortgage Rules. In February 2015 the CFPB issued proposed amendments to its mortgage rules that originally became effective in January 2013. The proposed amendments include several clarifications and modifications to the original rules. In particular, the proposal would revise requirements for small creditors that operate predominantly in “rural or underserved” areas. A final rule is expected fall 2015.
- Prepaid financial products. The CFPB issued a proposed rule in December 2014 that would create comprehensive consumer protections for a range of prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets. The rule would impose certain protections on these products that are similar to those that currently exist now for debit and payroll cards. A final rule is expected early 2016.
- Payday, auto title, and certain other loans. The CFPB recently released an outline of a proposed rule that would regulate payday loans, auto-title loans, and certain other longer-term credit products. The CFPB has already held a Small Business Review Panel as a required part of the rulemaking process. It intends to issue a Notice of Proposed Rulemaking in late 2015.
- Overdrafts. The CFPB continues to analyze issues relating to overdraft services on checking accounts after issuing a white paper in June 2013 and a report in July 2014. The CFPB states in its rulemaking agenda that it will conduct additional research to assess whether a rulemaking is warranted.
- Debt collection. Last year the CFPB issued an Advanced Notice of Proposed Rulemaking covering debt collection activities. It has been reviewing comments received and is continuing to do consumer outreach as it develops formal proposed rules.
- Arbitration. The CFPB issued a preliminary report in December 2013 on research it conducted regarding the use of arbitration agreements in consumer financial contracts as required under the Dodd-Frank Act. It issued a report on the same issue to Congress in March 2015. The CFPB is now evaluating feedback it has received and considering whether rules governing arbitration clauses may be warranted.