Written by Steve Van Beek
Earlier this week, the CFPB published its "Semi-Annual Regulatory Agenda" in the Federal Register. This agenda gives credit unions a peek at which regulations the CFPB is working on. Their Agenda includes rules that are in the "prerule" stage; rules that are in the "proposed" rule stage; and those that are in the "final" rule stage. Keep in mind these are stages and doesn't mean there is an existing proposed rule for "TILA/RESPA" combined disclosures. It means the CFPB is working on a proposed rule (i.e., in the drafting phase of the rulemaking process.)
Here are a couple that are specifically mentioned:
Prerule Stage. Business Lending Data (Regulation B) - Required by Section 1071 of Dodd-Frank.
Proposed Rule Stage. TILA/RESPA Mortgage Disclosure Integration (Reg Z and Reg X).
Final Rule Stage:
- Remittances Transfers (Regulation E) - which has already been finalized.
- Requirements for Escrow Accounts (Regulation Z) - for higher-priced mortgage loans.
- Ability to Repay for Mortgages (Regulation Z) - including the "qualified mortgage" criteria.
The Semi-Annual Regulatory Agenda provides a very brief summary of the the rules which might be useful to track what is coming next.
***
Agency Rule List. The CFPB's Regulation page contains a link to their "Agency Rule List." The Agency Rule List provides similar information to the Semi-Annual Regulatory Agenda but is more comprehensive. It is hosted at the Office of Information and Regulatory Affairs (OIRA) at the Office of Management and Budget (OMB).
NCUA also maintains a listing of regulations that it is working on. That listing is available here. The same caveats for final rule "stage" applies.
As we mentioned yesterday, NCUA usually proposes and finalizes rules during a formal Board meeting. For the CFPB, keeping an eye on their Agency Rule List is important to know what actions they are considering next.
Comments