Comment on CFPB's Published Rulemaking Priorities

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The Consumer Financial Protection Bureau (CFPB or bureau) has published its Spring 2019 Rulemaking Agenda. The agenda lists the regulatory matters that the bureau reasonably anticipates having under consideration during the period from May 1, 2019 to April 30, 2020.

The California and Nevada Credit Union Leagues encourage you to visit PowerComment to learn more about any of these open proposed rules or RFIs (Requests for Information) and to easily submit your comments to the bureau.

The following is a summary of the bureau’s spring agenda:

Implementing Statutory Directives
CFPB Director Kathy Kraninger has said the bureau is working to achieve the consumer protection objectives of the statutes while minimizing regulatory burden on financial services providers. Statutory mandates include:

Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA)

  • Sec. 307: Property Assessed Clean Energy (PACE) Financing. The bureau issued an Advance Notice of Proposed Rulemaking; comment period ended May 7, 2019.
  • Sec. 104: Partial exemption for some institutions from HMDA data reporting. The bureau issued an interpretive and procedural rule on Aug. 31, 2018 and will formally incorporate those rules into Regulation C.
  • Sec. 108: Escrow Relief. The bureau’s preliminary analysis indicates that section 108 would affect no more than a few hundred institutions. The bureau anticipates updating that analysis.

Dodd-Frank Wall Street Reform and Consumer Protection Act

  • Sec. 1071: Small Business Data Collection. The bureau expects that it will resume pre-rulemaking activities later this year.

Continuation of Other Rulemakings
The bureau is continuing certain other rulemakings from its fall 2018 agenda.

Payday Rule

  • Proposed rule to rescind mandated underwriting requirements for covered loans. Comment period ended May 15, 2019.

Home Mortgage Disclosure Act (HMDA)

  • Proposed rule to address both the 100 open-end lines of credit threshold (temporarily increased to 500) and the 25 closed-end loans threshold. Comments accepted until June 12, 2019.
  • Advanced Notice of Proposed Rulemaking to consider adjustments to the data points that were either added or revised under the 2015 HMDA rule. Comments accepted until July 8, 2019.
  • While not included on the bureau’s spring agenda, the bureau expects to issue a proposed rule at a later date concerning the public disclosure of HMDA data in light of consumer privacy interests.

Debt Collection

  • Proposed rule addressing third-party debt collectors’ communication practices and consumer disclosures in the debt collection market. Comments accepted until August 19, 2019.

New Projects and Further Planning
International Remittance Transfers

  • Request for Information (RFI) issued to address two aspects of the remittance rule: (1) Whether to increase the 100 remittances safe harbor threshold and whether an exception for small financial institutions may be appropriate, and (2) gather information about the expiration of a temporary exception in the rule that allows estimates for the exchange rate and fees in the required disclosures. The temporary exception expires July 21, 2020. The bureau may consider remittances rulemaking based on comments received on this RFI. Comments accepted until June 28, 2019.

Mortgage Rules/QM Patch

  • The bureau is evaluating the regulatory provision (QM patch) that extends qualified mortgage status to loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac (the government sponsored entities or GSEs) while they operate under Federal conservatorship or receivership. After further analysis is completed, the bureau will determine whether rulemaking is appropriate concerning the patch or other aspects of the ATR/QM rules.

Review of Existing Regulations

  • An assessment of its TILA-RESPA Integrated Disclosure (TRID) regulation. This assessment is required by section 1022(d) of the Dodd-Frank Act which requires an assessment of each significant rule and a report within five yeas of the rule’s effective date.
  • A review of the 2009 Overdraft Rule and its impact on small banks and credit unions. This is the first review by the bureau under section 610 of the Regulatory Flexibility Act (RFA). Section 610 of the RFA requires federal agencies review each rule that has or will have a significant economic impact on a substantial number of small entities within ten years of publication of the final rule. Comments on this review of the Overdraft rule are accepted until July 1, 2019.

Questions? Please email Sharon Turley, vice president of regulatory advocacy for the Leagues.

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