The CFPB Released Spring Update to the Unified Agenda of Rulemaking
July 11, 2013
July 11, 2013
The Consumer Financial Protection Bureau (CFPB) posted a semi-annual update to its rulemaking agenda. Federal agencies typically release regulatory agendas twice a year. Each spring and fall, OMB and the Regulatory Information Service Center (RISC), work with federal agencies to compile a list that outlines most of the rulemaking activities of the agencies for the coming 12-month cycle. It also includes recently completed rulemakings.
The Bureau’s agenda includes a number of rulemakings mandated by the Dodd-Frank Act. For example, the Bureau recently issued several mortgage-related rules, most of which will take effect in January 2014. The Bureau is now focusing intensely on supporting the implementation process for those rules, and has proposed some clarifications and amendments to the rules to address questions raised by stakeholders.
The Bureau continues to work on completing a rule to integrate and streamline federal mortgage disclosures. Pending the results of additional testing, the CFPB is expected to issue the final rule this fall, although implementation work is not expected to begin until after the January 2014 effective date for the earlier mortgage rules.
The Bureau is also continuing rulemakings to implement the supervisory program for certain nonbank entities. In June 2013, the CFPB issued a final rule establishing procedures to implement its authority to supervise certain nonbanks that it has a reasonable cause to determine are engaging, or have engaged, in activity that poses risks to consumers in connection with offering or providing consumer financial products or services. These procedures address issuing a notice to a nonbank that they may have “reasonable cause,” and providing the nonbank with an opportunity to respond.
The Bureau is also considering debt collection actions as well as potentially developing a proposed rule to provide federal consumer protections for prepaid cards.
The Bureau also expects to issue a proposal regarding the notices that consumers receive each year from their financial institutions to explain the companies’ information sharing practices.
Commenters have suggested that eliminating the annual privacy notices where there has been no change in policies would reduce unwanted paperwork for consumers and unnecessary regulatory burdens, at least where a financial institution limits the sharing of information with third-parties, the CFPB said.
In addition, the CFPB’s unified agenda shows joint rulemaking with the Federal Reserve Board (FRB) regarding changes to Regulation CC slated to be released at the end of the year.
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