Written by Bernadette Clair, Senior Regulatory Compliance Counsel
CFPB Semiannual Rulemaking Agenda. As Brandy mentioned last week, the CFPB recently announced its Semiannual Rulemaking Agenda for Spring 2015. The agenda includes a listing of regulations in the various rulemaking stages. A couple of highlights from those in the final rule stage include:
- Home Mortgage Disclosure Act (HMDA) (Regulation C). The CFPB estimates that it will release a final rule amending Regulation C in August 2015. Under the HMDA proposed rule, depository and non-depository institutions meeting all other criteria under Regulation C, and which had originated 25 or more covered loans in the previous calendar year, would be required to report expanded HMDA data.
- Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The CFPB also anticipates that it will release a final rule on prepaid products in January 2016. The prepaid accounts proposed rule would establish new consumer protections for the prepaid market that would require market participants to limit consumers’ losses when funds are stolen or cards are lost, investigate and correct errors, provide free access to account information, and follow the practices of credit card protections if a credit product is offered in connection with a prepaid account. The CFPB also proposes new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.
The CFPB’s semiannual rulemaking agenda is available in its entirety here.
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