Removing Barriers Blog

CFPB Releases Fall 2019 Rulemaking Agenda
Posted November 20, 2019 by CUNA Advocacy

The Bureau released its Fall 2019 Rulemaking Agenda, which is coordinated with the Office of Management and Budget’s (OMB) Unified Agenda.  As an independent agency, the CFPB participates in the Unified Agenda on a voluntary basis. 

This agenda represents the first rulemaking agenda prepared following CFPB Director Kathy Kraninger’s nationwide listening tour. During her tour, Director Kraninger met with credit unions, leagues, and CUNA on several occasions to hear our concerns and priorities. 

While the specific dates are often aspirational in nature, the Rulemaking Agenda can serve as an indicator of the Bureau’s priorities and level-sets its rulemaking efforts for the near-term. The agenda reflects the Bureau’s plans for the time period October 1, 2019 through September 30, 2020. 

PACE Financing
The Bureau is reviewing comments received in response to a March 2019 Advanced Notice of Proposed Rulemaking (ANPR) as it considers next steps to facilitate the development of a Notice of Proposed Rulemaking (NPRM).

Section 1071 Small Business Data Collection Rule
The Bureau hosted a symposium on small business data collection in November 2019 and the next step will be the release of materials in advance of convening a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel.  

Home Mortgage Disclosure Act (HMDA) Rule
In summer 2020, the Bureau expects to issue an NPRM to follow up on the May 2019 ANPR relating to data points and coverage of certain business or commercial purpose loans. 

The Bureau also expects to issue an NPRM addressing the public disclosure of HMDA data in light of consumer privacy interests, so that the Bureau can consider concurrently the collection and reporting of data points and the public disclosure of those data points. 

Payday Rule
In February 2019, the Bureau issued an NPRM relating to rescission of the mandatory underwriting requirements of a 2017 Payday Rule.  The Bureau expects to take final action in April 2020 with respect to this proposal. 

Debt Collection 
The Bureau issued an NPRM in May 2019, which would prescribe rules governing the activities of debt collectors, as defined under the Fair Debt Collection Practices Act (FDCPA).  The Bureau is considering the comments received in response to the NPRM.  

The Bureau also is engaged in testing of consumer disclosures related to time-barred debt.  After testing, the Bureau will assess whether to issue a supplemental NPRM seeking comments on any disclosure proposal for time-barred debt.  

Remittances Rule
The Bureau is planning to issue a proposal in 2019 to amend the Remittance Rule, among other things, to address the effects of the expiration in July 2020 of the Rule’s temporary exception that allows depository institutions to estimate fees and exchange rates.  

New Projects and Further Planning

QM – GSE “Patch” Expiration
In July 2019, the Bureau issued an ANPR to solicit information about possible amendments to the qualified mortgage provisions of Regulation Z, specifically related to the scheduled expiration of the GSE patch.  The Bureau is carefully reviewing the comments it received.  

RFA/1022(d) Rulemaking Reviews
The Bureau will be conducting an assessment, consistent with section 1022(d) of the Dodd-Frank Act, of its regulations to consolidate mortgage origination disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act.  The Bureau must issue a report by October 2020 with the results of its assessment.   

The Bureau solicited comments on the 2009 Regulation E amendment concerning overdraft as part of its 610 Regulatory Flexibility Act (RFA) Review.  The Bureau is carefully reviewing the comments it received as part of the analysis required to support a determination of whether the 2009 rule should be continued without change, amended, or rescinded. 

In 2020, the Bureau expects to conduct a 610 RFA review of the Regulation Z rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009.

Long-Term Agenda
The Bureau has added to its long-term agenda issues of concern in connection with loan originator compensation and to facilitate the use of electronic channels of communication in the origination and servicing of credit card accounts.  

Market Monitoring 
The Bureau is continuing to monitor markets for consumer financial products and services to identify risks