Bureau of Consumer Financial Protection Releases Spring 2018 Agenda

Provides status on rulemakings as active, delayed or inactive 

The Bureau of Consumer Financial Protection has released its spring 2018 regulatory agenda. The agency provided a status update and classified rules on the agenda as active, delayed and inactive. 

Active Rulemakings

  • Mortgage: The CFPB is conducting follow-up rulemakings to address issues that have been identified following the process of implementing mortgage rules under Dodd-Frank.  They generically mentioned Qualified Mortgage and TILA-RESPA Integrated Disclosure Act (TRID), but did not specify further.
  • Business Lending Data/Fair Lending: CFPB is implementing Equal Credit Opportunity Act (ECOA) as required by Dodd-Frank, to require financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses.
  • Debt Collection: Since 2013 the CFPB has engaged in research and pre-rulemaking activities regarding the debt collection market, which continues to be a top source of complaints to the CFPB. The CFPB now says it's preparing a proposed rule focused on Fair Debt Collection Act.  Specifically, they are looking at communication procedures and consumer disclosures.  A proposed rule is expected to be issued in March 2019.
  • Small Dollar (Payday) Lending reconsideration: The CFPB announced in January 2018 that it intends to engage in a rulemaking to reconsider the 2017 payday rule. Most provisions of that rule would not require compliance until August 2019. Expect a notice of proposed rulemaking in February 2019.
  • Gramm-Leach Bliley (GLB) Privacy Notices:  Amendments to GLB provide that financial institutions are no longer required to provide annual privacy notices as long as: (1) They have not changed their privacy policies since the last time their customers received a privacy notice, and (2) they only share customers' financial information with others in a manner that is exempt from notice and opt-out requirements under GLBA. CFPB will finalize rules implementing this in June 2018
  • Home Mortgage Disclosure Act (HMDA): The CFPB announced in December 2017 that it intends to open a rulemaking to reconsider various aspects of a 2015 regulation that amended regulations implementing HMDA.  The reconsideration could involve such issues as the institutional and transactional coverage tests and the rule's discretionary data points 

Delayed Rulemakings:

These rulemakings were moved to the long-term agenda.  This does not mean they are eliminated; it just means they will not be considered this year.

  • Consumer Reporting
  • Appraisals (Automated Valuation Models)
  • Reg E modernization 

Rulemakings Moved to Inactive Status: 

Several rulemakings are now listed as “inactive,” and according to the CFPB, the expectation is that "final decisions on whether and when to proceed with such projects will be made by the Bureau's next permanent director."

  • Alternative Mortgage Transaction Parity (Regulation D)
  • Consumer Financial Civil Penalty Fund
  • Overdraft Services
  • Student Loan Servicing