Removing Barriers Blog

BCFP Releases Fall 2018 Rulemaking Agenda
Posted October 17, 2018 by CUNA Advocacy

The BCFP released its Fall 2018 rulemaking agenda today. The agenda is a snapshot of the Bureau’s regulatory priorities over the coming months into 2019.

The Regulatory Flexibility Act requires executive branch federal agencies to publish their regulatory agendas twice a year, typically in the fall and spring.  As an independent agency, the Bureau voluntarily participates in the Unified Agenda, which is coordinated by the Office of Management and Budget (OMB). 

As a reminder, the timelines stated in the Unified Agenda are aspirational and the exact timing of regulatory action is often affected by external factors and staffing issues.  In general, regulators often “miss” their ETAs but the agenda is still a good indicator of how much the agency is prioritizing one project in relation to other projects. 

Several items of note on the BCFP’s fall agenda include:

S. 2155 Implementation

The Bureau expects to issue “notice and comment” rulemakings on provisions within the BCFP’s jurisdiction to provide clarity and assist compliance. These efforts include conducting reviews of compliance guides and examination manuals to make any necessary and appropriate updates.

A proposed rule applying consumer protections to PACE loans, as required by S. 2155, is currently in development.

HMDA

The Bureau intends to continue necessary actions to implement HMDA relief and on the privacy balancing test and disclosure of data.  A proposed rule is expected in Spring 2019 to consider substantive changes to HMDA, which may include reconsidering thresholds within Regulation C.

Payday Rule

A proposed rule expected in early-2019 to consider revisions to the payday rule, including a change to the compliance date.

Debt Collection

A proposed rule expected in March 2019 to address communication practices and consumer disclosures related to collecting debts.  CUNA expects this rulemaking to be focused on the actions of third-party debt collectors.

1071 Small Business Data Collection

The small business data collection rulemaking is required by the Dodd-Frank Act, but the Act did not specify a deadline for the rule to be finalized.  As a result, the BCFP is moving the project from “pre-rule activities” to “longer-term status.”

5-Year Lookback Reports

The Dodd-Frank Act requires the BCFP to conduct “lookback” reports on their major rulemakings within five years after the rule is finalized.  The Bureau expects to complete three reviews (Remittances; ATR/QM Rule; RESPA Mortgage Servicing Rule) by January 2019.  In 2019, the BCFP will start the process of reviewing its TRID Rule.

ECOA

The Bureau intends to reexamine the disparate impact doctrine “in light of recent Supreme Court case law and the Congressional disapproval of a prior Bureau bulletin concerning indirect auto lender compliance.”

UDAAP

As Acting Director Mulvaney announced earlier this week, the Bureau is actively considering a rulemaking to clarify the meaning of “abusive” under the section 1031 of the Dodd-Frank Act.