Today the
CFPB released its fall rulemaking agenda providing some insight into what issues
it will be focusing on in the next several months. We've been closely
following several of the pending rulemakings listed, including overdraft, payday/small-dollar loans, prepaid accounts, debt collection, arbitration, and
mortgage issues. The Bureau has also updated a portion of the Unified Agenda focusing on long-term actions to reflect potential initiatives beyond November 2016. These include potential rulemakings to address important issues related to credit reporting and student loan servicing. We have continually been engaging with the CFPB about these rulemakings
and pending rulemakings, and providing input on how they may impact credit
unions.
In the
rulemaking agenda the CFPB indicates that overdraft is remaining in the
“pre-rule” stage, stating that, “In preparation for the rulemaking, the Bureau is
conducting additional research and has begun consumer testing initiatives
related to the opt in process.” We've been urging the CFPB to provide additional research about overdraft after its release of a White Paper and
report which we believe needed to be better informed.
The CFPB also indicated that it is continuing to evaluate and provide
guidance materials for the recently finalized Home Mortgage Disclosure Act (HDMA) rules. The CFPB’s release states, “The Bureau is also continuing to support the
implementation of various other mortgage-related final rules we issued in
January 2013 to implement Dodd-Frank Act reforms and strengthen consumer
protections involving mortgage origination and servicing. Among other efforts,
we’re monitoring the market and continuing to issue clarifications and
amendments as warranted.” It also talks about the future release of a
compliance guide and other support materials and programs to prepare for
implementation of various parts of the rule starting in 2017 and 2018. Despite the finalization, we are continuing to
advocate for changes to the HMDA final rule prior to its required
implementation.
In reference to the impending payday, small-dollar rulemaking the CFPB
indicates that the proposed rule will come out in the first quarter of 2016.
The CFPB also indicated that it plans to release additional research in
connection with the proposed rule. We've been strongly advocating for the CFPB to
consider how parts of this proposal impact credit union payday loan
alternatives, and to provide exemptions to allow credit unions to continue to
offer these services.
The agenda also indicates that it expects to release the final rule for
prepaid accounts in the spring of 2016. We sent a letter to the CFPB
outlining credit union concerns with this proposed rule, and recently met with
the CFPB to reiterate them.
For debt collection it appears the CFPB is continuing to research this
issue so a proposed rule may not be coming as soon as previously expected. It
states, “The Bureau is now analyzing the results of a groundbreaking nationwide
survey related to consumers’ experiences with debt collection. We’re also
engaged in consumer testing initiatives to determine what information would be
useful for consumers to have about debt collection and their debts and how that
information should be provided to them.”