CFPB Releases Fall 2020 Rulemaking Agenda
Posted December 16, 2020 by jbrunson
The Bureau has published its Fall
2020 Rulemaking Agenda as part of the Unified Agenda of Federal Regulatory
and Deregulatory Actions, which is coordinated by the Office of Management and
Budget. The agenda includes the regulatory matters that the Bureau expects to
focus on between now and November 2021. However, the timelines projected are
merely estimates and are not binding on future CFPB leadership.
The agenda highlights several regulatory activities planned
for the remainder of 2020 through the spring of 2021:
- A final rule in December
2020 addressing, among other things, disclosures related to the validation
notice and time-barred debt.
- A final rule to address
the anticipated expiration of the LIBOR index, which the UK Financial
Conduct Authority has stated that it cannot guarantee the publication of
beyond the end of 2021.
- An interagency
rulemaking to implement the amendments made by the Dodd-Frank Act to the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
(FIRREA) concerning appraisals.
- An NPRM in spring 2021
to consider possible amendments to the Bureau’s mortgage servicing rules
to address actions required of servicers working with borrowers affected
by natural disasters or other emergencies.
- Two NPRMs in early 2021
concerning possible revisions to the 2015 Home Mortgage Disclosure Act
(HMDA) rule.
The Bureau has also added two new items to its “long-term”
agenda:
- An entry related to its
TILA/RESPA Integrated Disclosures (TRID) rule in light of its October 2020
report of its assessment of the rule.
- Additional research that
focuses on providing information to consumers about the costs associated
with payday loans.