CFPB lays out rulemaking agenda

The Consumer Financial Protection Bureau outlined its rulemaking agenda for the next six months under Acting Director Dave Uejio.

The Consumer Financial Protection Bureau outlined its rulemaking agenda for the next six months under Acting Director Dave Uejio.

The agency will continue work to implement Section 1071 of the Dodd-Frank Act, which governs the collection and reporting of small business lending data. It issued initial proposals last September. Feedback from concerned parties at an October panel was largely positive on the bureau’s measures. The CFPB plans to issue a notice of proposed rulemaking in September.

The agency is also considering rulemaking to implement section 1033 of the Dodd-Frank Act to address the availability of consumer financial account data in electronic form. The bureau is currently reviewing comments on the proposed rule.

The CFPB said it is still collecting information on implementing Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which affects PACE financing. It is collaborating with other agencies to implement changes made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act concerning appraisals. Regulations around the end of LIBOR are also on the agenda, with a final rule due in January of next year. 

The bureau plans to review a rule implementing the Home Mortgage Disclosure Act, and said it was dropping two previously considered HMDA rules, one about data points that lenders must report and another related to the public disclosure of HMDA data.

“We have also taken actions, and plan further actions, to focus our resources on addressing the adverse impacts to consumers in light of the ongoing COVID-19 pandemic and resulting economic crisis, and are taking concrete steps toward furthering our commitment to promoting racial and economic equity,” wrote Susan Bernard, the CFPB’s Assistant Director for Regulations in the Research, Markets and Regulation Division, in a blog post. Uejio has made it clear that he plans to focus on pandemic issues and discrimination during his tenure. 

The bureau also highlighted some recently passed rules: concerning the eviction moratorium issued by the Centers for Disease Control and Prevention; extending the mandatory compliance date for changes to the Qualified Mortgages provisions of Reg Z; and amending mortgage servicing early intervention and loss mitigation-related provisions in Reg X to account for pandemic impacts.

Fredrikson & Byron Law