Written by Steve Van Beek
CFPB Regulatory Agenda. Yesterday, the CFPB posted its Semiannual Regulatory Agenda - for spring 2012. The previous Semiannual Regulatory Agenda was released in February 2012. The latest release follows the same format and includes a listing of regulations in the various rulemaking stages: prerule stage, proposed rule stage, final rule stage, long-term actions and completed actions.
Below is a listing of the various future regulations - organized by rulemaking stage. Keep in mind the agenda is current as of April 13, 2012 and the CFPB has taken numerous actions since putting this agenda together.
Prerule Stage:
- Registration of Certain Nonbank Covered Persons
- Supervision of Larger Depository Institutions and Affiliates
- Home Mortgage Disclosure Act (Regulation C)
- Requirements for Prepaid Cards (Regulation E)
Proposed Stage:
- Amendments to TILA and FIRREA Concerning Appraisals
- Disclosure Rules and Substantive Protection for Certain High Cost Mortgage Loans (Regulation Z)** (proposed on July 9th)
- Mortgage Originator Standards (Regulation Z)
- Mortgage Servicing (Regulation X; Regulation Z)
- TILA/RESPA Mortgage Disclosure Integration (Regulation X; Regulation Z)** (proposed on July 9th)
- Credit Card Pre-Opening Account Fees (Regulation Z)
- Procedural Rule To Establish Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination
- Supervision of Certain Nonbank Covered Persons—Defining Larger Participants in Certain Consumer Financial Product and Service Markets (LP 2)
- Copies of Appraisals or Other Valuations To Be Furnished by Creditor (Regulation B)
Final Rule Stage:
- Supervision of Certain Nonbank Covered Persons—Defining Larger Participants in Certain Consumer Financial Product and Service Markets (LP 1)** (finalized on July 16th)
- Disclosure of Records and Information
- State Official Notification Rule
- Rules Relating to Investigations
- Rules of Practice for Adjudication Proceedings
- Restatement of Federal Consumer Financial Law Regulations
- Requirements for Escrow Accounts (Regulation Z)
- TILA Ability to Repay (Regulation Z)
- Confidential Treatment of Privileged Information
- Disclosure Rules for Remittance Transactions (Regulation E)
Long-Term Actions:
- Alternative Mortgage Transaction Parity (Regulation D)
- Business Lending Data (Regulation B)
- TILA Mortgage Amendments (Regulation Z)
Completed Actions:
- Disclosure Rules for Remittance Transactions (Regulation E)
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Only 27 potential rulemakings!! The Regulatory Agenda also includes a short summary of each rulemaking that is useful for providing a quick overview of what will be covered by the rulemaking. However, as last Monday's proposed rules show - a short summary doesn't do much when the proposals are 1099 pages and 293 pages.
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NAFCU's 2012 Regulatory Compliance Seminar. Luckily, you don't have to read and understand all 27 potential rulemakings on your own. We'll be covering quite a few of them at our 2012 Regulatory Compliance Seminar in Seattle, Washington - October 23-26.
The program-at-a-glance is available here (and we'll be including additional sessions as the proposals continue to flow). We already have a session on the TILA/RESPA mortgage disclosures, the upcoming mortgage servicing proposal (including the periodic statement requirement) as well as a session on the remittances final rule. Detailed session descriptions can be found here.
Remember - you do not need to be a NAFCU member to attend. And, Save $100 if you Register by August 31st!
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