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Tuesday, May 26, 2015

CFPB Announces Spring 2015 Rulemaking Agenda

The CFPB announced its semi-annual update of its rulemaking agenda. The CFPB’s major initiatives and timing for action are listed below:

Home Mortgage Disclosure Act: The CFPB expects to issue a final rule in August 2015 to implement Dodd-Frank Act amendments to the Home Mortgage Disclosure Act.

Prepaid Financial Products: The CFPB expects to issue a final rule in January 2016 that would impose additional requirements for a range of prepaid financial products, including reloadable prepaid cards, certain digital and mobile wallets, and products that access overdraft services or offer credit features for a fee.

Payday, Auto Title, and Certain Other Loans: The CFPB plans to issue a Notice of Proposed Rulemaking later this year relating to proposals to regulate payday loans, auto-title loans, and certain other longer-term credit products.

Overdrafts: The CFPB is assessing whether it should issue a rule relating to overdraft services on checking accounts. The agenda anticipates an October 2015 date for pre-rule activities.

Debt Collection: The CFPB is developing proposed rules concerning debt collection. The agenda anticipates a December 2015 date for pre-rule activities.

Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures: The CFPB is implementing a rule, scheduled to take effect on August 1, 2015, that amends federal mortgage disclosures required under TILA and RESPA.

Follow-up on Other Mortgage Rules: The CFPB expects to issue a final rule in September 2015 to modify certain requirements for small creditors, including those that operate predominantly in rural or underserved areas. The CFPB also expects to issue a final rule in spring 2016 that would affect disclosures, early intervention, loss mitigation, and compliance with the rules when the consumer is a potential or confirmed successor in interest, is in bankruptcy, or sends a cease communication request.

Arbitration: The CFPB is considering whether to issue rules governing arbitration clauses. The agenda anticipates a September 2015 date for pre-rule activities.

Larger Participants in Auto Lending Market: The CFPB expects to finalize a proposal in June to define nonbank larger participants in the market for auto lending.

Read the CFPB announcement.
Read the regulatory agenda.

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