CFPB Releases Spring 2017 Rulemaking Agenda

By Michael M. Aphibal

August 23, 2017

Last month, the CFPB announced the publication its Spring 2017 rulemaking agenda after the Office of Management and Budget (OMB) posted the agenda on its website.

The CFPB submits its rulemaking agenda to OMB as part of the Unified Agenda program, in which federal agencies must submit regulatory agendas to OMB twice a year. As an independent regulatory agency, the CFPB voluntarily participates in the Unified Agenda program.

Through the Unified Agenda, the CFPB listed several rulemakings in various stages of completion: pre-rule, proposed rule, final rule, long-term, and completed.

Many of the CFPB’s ongoing rulemakings concern mortgage rules, including rules on mortgage originations and servicing, the integrated federal mortgage disclosures, and mortgage reporting requirements under the Home Mortgage Disclosure Act (HMDA). The CFPB is currently completing rulemakings to make clarifications to the HMDA rules and to alter aspects of the mortgage servicing rule. The CFPB states that it expects to issue a proposal in the fall to make one or more substantive changes to the rule.

The CFPB is also looking at rulemaking to implement section 1071 of the Dodd-Frank Act, which requires financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses.

In addition, the CFPB is still working on several rulemaking initiatives that would regulate certain products or markets.

In addition to developing new rules, the CFPB is reviewing its current rules to clarify ambiguities, address developments in the marketplace, or modernize or streamline provisions. The categories of rules that the CFPB is reviewing include:

The CFPB is also considering changes that will affect how credit card issuers submit credit agreements to the CFPB, as required by the Credit CARD Act. The CFPB is considering rules to modernize the CFPB’s database of credit card agreements to reduce burdens on issuers that submit credit card agreements to the CFPB and make the database more useful for consumers and the general public.

Finally, the CFPB listed a number of topics that it considers “long-term actions.”

The CFPB’s Spring 2017 Agenda can be found on the OMB’s website: Current Actions; Long-Term Actions. The CFPB also has a summary of its agenda on its website.

CFPB Releases Spring 2017 Rulemaking Agenda

The CFPB announced the publication its Spring 2017 rulemaking agenda.

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