Removing Barriers Blog

CFPB Releases Spring Rulemaking Agenda
Posted July 01, 2020 by CUNA Advocacy

The CFPB published its Spring 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 lists the regulatory matters the Bureau expects to focus on between May 1, 2020 and April 30, 2021.

While the agenda is merely a prediction and could be amended, the Bureau included updates on several major rulemaking initiatives in its latest agenda:

  • In September 2020, the CFPB plans to take steps toward implementing Section 1071 of the Dodd-Frank Act, which amended ECOA to require a data collection on women-owned, minority-owned, and small businesses.
  • In the fall of 2020, the Bureau plans to propose two new rules under the HMDA. The first rule focuses on the data points that are reported under the 2015 HMDA rule and coverage of certain business or commercial purpose loans. The second addresses the public disclosure of HMDA data, in light of consumer privacy interests.
  • In October 2020, the Bureau expects to take final action on its proposed rule governing the activities of “debt collectors,” as defined under the FDCPA. The Bureau’s proposed rule would, among other things, address communications in connection with debt collection; and interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection.
  • Later in 2020, the Bureau is considering a proposed rule proposing a new “seasoning” definition of QM. This definition would create an alternative pathway to QM safe-harbor status for certain mortgages when the borrower has consistently made timely payments for a period.