On Wednesday, October 17, the Consumer Financial Protection Bureau (CFPB, or the Bureau) released its second of two rulemaking agendas for 2018. The Fall 2018 installment of the semi-annual agenda includes items in the prerule, proposed rule, and final rule stages. In addition, the CFPB released a list of long term actions anticipated beyond the next 12 months.
Three items are listed in the pre-rule stage. Those include rulemakings to exempt certain creditors with assets of $10 billion or less from the Higher Priced Mortgage Loans escrow requirements with action expected in June 2019, action to develop standards for assessing consumers’ ability to repay “Property Assess Clean Energy” (PACE) financing expected in June 2019, and modification of public HMDA data for the purpose of protecting consumer privacy interests final with guidance expected in the next few months and further rulemaking in future years.
Six items are on the agenda in the proposed rule stage and three items are in the final rule stage. Among the six proposed rule items are anticipated debt proposals regarding collection practices and disclosures under the Fair Debt Collection Practices Act with a proposed rule expected by March 2019 and Payday, Vehicle Title, and Certain High-Cost Installment Loans with a proposed rule expected January 2019. The final rule items include a rule related to the disclosure of records and information, which was effective October 12, and a rule related to Fair Credit Reporting Act disclosures, which was effective on September 18 with an additional comment period through November 19, 2018. Lastly, a final rule related to technical specifications for submissions of prepaid account agreements is expected in February 2019, a couple of months prior to the Prepaid Account rule’s April 1, 2019 effective date.
Perhaps one of the most notable items is found in the long-term actions. The CFPB has reclassified the Regulation B business lending data collection and reporting for applications by women-owned, minority-owned, and small businesses from prerule status in the Spring 2018 Rulemaking Agenda to a long-term action item in the Fall 2018 Rulemaking Agenda. Along with Regulation B business lending data, another item added to the long-term agenda is further clarification on what constitutes abusive act and practices.
In its statement the CFPB recognizes that the significant tasks currently underway at the Bureau, such as implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) provisions and conducting an effectiveness assessment of significant rulemakings, among other initiatives, could affect future rulemaking. The Bureau expects by no later than the Spring 2019 Agenda to issue a more comprehensive statement of priorities to reflect its ongoing market monitoring and results of these current initiatives.
The 2018 Fall Rulemaking Agenda and 2018 Fall Long Term Agenda are available here:
Information on the 2018 Spring Rulemaking Agenda is available here.