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Removing Barriers Blog

CFPB 2017 Rulemaking Agenda Indicates Action on Arbitration and Debt Collection Early in the Year
Posted December 01, 2016 by CUNA Advocacy

While the future of the CFPB leadership and construct could change in coming months, or on the other hand remain the same until 2018, it has moved forward with releasing its proposed rulemaking agenda for next year. The agenda indicates that there will be action on arbitration and debt collection in early 2017, and a pre-rule activity on overdraft in January 2017, which is expected to be the release of additional research. 

Below are a few key highlights from the agenda. However, keep in mind that in years past the projected timelines found in the rulemaking agenda have changed, which could be particularly true this year with the new administration taking office in 2017. 

Arbitration (Final Rule Projected February 2017) 

“The proposal would prohibit covered providers of certain consumer financial products and services from using an arbitration agreement to bar the consumer from filing or participating in a class action. Under the proposal, companies would still be able to include arbitration clauses in their contracts. However, for contracts subject to the proposal, the clauses would have to say explicitly that they cannot be used to stop consumers from being part of a class action in court. The proposal would also require a covered provider that has an arbitration agreement and that is involved in arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau. As the Bureau considers development of a final rule for early 2017, it is reviewing and considering comments on the proposed rule.” 

Debt Collection (Pre-Rule Activity Projected for February 2017 – unclear whether this is the proposed rule for third-party debt collection or the SBREFA panel for first parties) 

“Building on the Bureau’s November 2013, Advance Notice of Proposed Rulemaking, the Bureau released materials in July 2016, in advance of convening a panel under the Small Business Regulatory Enforcement Fairness Act (SBREFA) in conjunction with the Office of Management and Budget and the Small Business Administration’s Chief Counsel for Advocacy to consult with small businesses that may be affected by the policy proposals under consideration.  This SBREFA process focuses on companies that are considered "debt collectors" under the Fair Debt Collection Practices Act; the Bureau expects to convene a separate SBREFA proceeding focusing on companies that collect their own debts in 2017.  The CFPB continues to analyze the results of a survey to obtain information from consumers about their experiences with debt collection and plans to publish a report in the coming months.” 

Overdraft (Pre-Rule Activity Projected for January 2017 – expected to be additional research) 

“The CFPB is continuing to engage in additional research and has begun consumer testing initiatives relating to the opt-in process.” 

TRID Fix (Final Rule Expected March 2017) 

"The Bureau of Consumer Financial Protection (Bureau) proposed various amendments to Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z.  The proposed amendments memorialize the Bureau's informal guidance on various issues and include clarifications and technical amendments. The Bureau is also proposing tolerance provisions for the total of payments, an adjustment to a partial exemption mainly affecting housing finance agencies and nonprofits, extension of coverage of the integrated disclosure requirements to all cooperative units, and guidance on sharing the disclosures with various parties involved in the mortgage origination process." 

Payday and Small Dollar Loans (No additional information about timing of final rule)