updated 07/08/13 02:00 PM
WHAT'S COMING FROM THE CFPB?
Four Items in Pre-Rule Stage
The Consumer Financial Protection Bureau (CFPB) posted an update to its semi-annual rulemaking agenda, which is published as part of the Unified Agenda of federal regulatory and deregulatory actions across the federal government. The agenda provides insight into what can be expected from the agency.
Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB)
So what’s coming? The CFPB lists four items in the "pre-rule" stage:
Home Mortgage Disclosure Act (HMDA)
The CFPB has said it's working to complete a rule to integrate and streamline federal mortgage disclosures.
It expects to issue the final rule this fall, but would not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules.
Annual Privacy Notices
Pending needed legislative action, the CFPB is expecting to issue a proposal eliminating the annual privacy notices for financial institutions that limit the sharing of information with third-parties and where there has been no change in policies.
Payday Loans and Deposit Advance Products
The CFPB recently issued a white paper on payday loans and deposit advance products.
Within the report, the CFPB says it intends to continue its inquiry into these products as "the data gathered to date are persuasive that further attention is warranted to protect consumers."
Debt Collection Rules
The CFPB says it is "beginning to consider whether regulations may be appropriate to address concerns raised about debt collection." This is in response to consumer complaints about debt collection to the agency.
Also, included in the "proposed rule" stage, the CFPB expects to issue a proposed rule regarding prepaid cards.
Use PowerComment—YOUR Regulatory Advocacy Tool
The California and Nevada Credit Union Leagues continue to monitor proposed rules, advocate on your behalf, and encourage you to comment and become engaged in the rulemaking process. Visit PowerComment today for a list of current proposals open for comment.
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