Written by Bernadette Clair, Regulatory Compliance Counsel
Last week, the CFPB posted its Semiannual Regulatory Agenda for Spring 2013. Below is a listing of the various future regulations - organized by rulemaking stage. Keep in mind the agenda is current as of May 10, 2013 and the CFPB has taken actions since putting this agenda together.
Prerule Stage:
- Home Mortgage Disclosure Act (Regulation C)
- Annual Privacy Notice
- Payday Loans and Deposit Advance Products
- Debt Collection Rule
Proposed Stage:
- Amendments to TILA and FIRREA Concerning Appraisals
- Requirements for Prepaid Cards (Regulation E)
- Supervision of Certain Nonbank Covered Persons--Defining Larger Participants in Certain Consumer Financial Product and Service Markets
- Amendments to 2013 Mortgage Rules (Regulations B, X, and Z)
- Consumer Financial Civil Penalty Fund
Final Rule Stage:
- Restatement of Federal Consumer Financial Law Regulations
- Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)
- Procedural Rule To Establish Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination
- Equal Access to Justice Act Implementation Rule
- Rules of Practice for Issuance of Temporary Cease-and-Desist Orders
- The Expedited Funds Availability Act (Regulation CC)
- Disclosures For Remittance Transactions (Regulation E)
- Defining Larger Participants of the Student Loan Servicing Market
Coming Soon. In its blog on the updated agenda, the CFPB highlighted a few pending rulemakings – including the anticipated final rule on integrated mortgage disclosures, expected sometime this Fall. Not surprisingly, the CFPB also highlighted its consumer outreach and research on debt collection issues and payday and deposit advance products, and noted that it expects to develop a proposed rule strengthening federal consumer protections for prepaid cards.
Privacy Notices & Regulatory Relief. On the plus side, the CFPB is also looking at ways to streamline its inherited regulations, and expects to develop a proposed rule seeking comments on potential revisions to Regulation P, which implements provisions of the Gramm-Leach Bliley Act. This is in response to comments the CFPB received about eliminating the requirement to provide annual privacy notices where there has been no change in underlying policies to reduce regulatory burden, at least where a financial institution limits the sharing of information with third-parties.
NAFCU has also been pushing for elimination of the requirement to mail redundant and unnecessary privacy notices on an annual basis, if the policy has not changed and new sharing has not begun since the last distribution of the notice, as part of NAFCU's Five-Point Plan for Regulatory Relief. Steve previously blogged on NAFCU’s Five-Point Plan here, and legislative efforts regarding the annual privacy notice here. Also, check out this page of NAFCU’s website for the latest on NAFCU’s regulatory relief efforts.
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