Removing Barriers Blog

CFPB Publishes Spring 2019 Rulemaking Agenda
Posted May 23, 2019 by CUNA Advocacy

The CFPB published its Spring 2019 rulemaking agenda as part of the Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB).  As an independent regulatory agency, the Bureau voluntarily participates in the Unified Agenda.

The Bureau’s spring agenda lists the regulatory actions the Bureau reasonably anticipates will take place during a period of May 2019 to April 2020.  

See below for some highlights from the agenda: 

  • Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (S. 2155):
        • The Bureau is working to achieve the consumer protection objectives of the statute while minimizing regulatory burden on financial services providers, including with its Advanced Notice of Proposed Rulemaking (ANPR) on “Property Assessed Clean Energy” (PACE) financing
      • Section 1071 - Small Business Data Collection.  
        • The Bureau expects that it will resume pre-rulemaking activities on the section 1071 project, as required by the Dodd-Frank Act, within this next year.
      • Payday Rule 
        • The Bureau issued a Notice of Proposed Rulemaking (NPRM) to rescind portions of the 2017 rule that mandated underwriting requirements for covered loans and a NPRM to postpone the compliance date for those same provisions for fifteen months.  The Bureau expects to issue a final rule concerning the compliance date delay in summer 2019 and a final determination on the underwriting reconsideration thereafter.
      • HMDA 
        • The Bureau issued a NPRM to address both the open-end threshold and the 2015 HMDA rule’s 25-loan threshold for closed-end loans as well as an ANPR on the data points that are reported under the 2015 HMDA rule.  The Bureau expects at a later date to issue a NPRM concerning the public disclosure of HMDA data in light of consumer privacy interests.
      • Debt Collection 
        • The Bureau issued a NPRM to address communication practices and consumer disclosures in the debt collection market.
      • Remittance Transfers 
        • The Bureau issued a RFI to gather information related to the expiration of a statutorily-established exception in the Remittance Rule that permits insured banks and insured credit unions to estimate certain required disclosures and other potential remittance transfer issues and related topics.  The Bureau may consider a remittances rulemaking based on comments received in response to that RFI.
      • Mortgage Rules/ QM Patch
        • The Bureau is evaluating the regulatory provision (QM patch) that extends qualified mortgage status to loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac (the government sponsored entities or GSEs) while they operate under Federal conservatorship or receivership.  The Bureau will determine whether rulemaking is appropriate concerning the patch or other aspects of the ATR/QM rules.
      • Review of Existing Regulations
        • The Bureau is conducting an assessment of its TILA-RESPA Integrated Disclosure (TRID) Rule pursuant to section 1022(d) of the Dodd-Frank Act.
        • The Bureau is also developing a plan for conducting reviews under section 610 of the Regulatory Flexibility Act (RFA). The first RFA Review will be conducted on the 2009 Overdraft Rule.