Last week, the CFPB published its Fall 2015 Rulemaking Agenda. While very few definitive dates were provided, the Agenda does give some insight as to an expected time frame for several hot button issues:
Arbitration: In the spring, the CFPB has not committed to rule making only indicating that they were reviewing feedback that they have received and “considering whether rules governing arbitration clauses may be warranted.” It now appears that rulemaking is imminent as the CFPB acknowledges that it is “beginning a rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans, and various other consumer financial products or services. The CFPB recently convened a Small Business Advisory Review Panel to discuss potential rulemaking and indicates that the prerule activities are expected to be completed by the end of the year.
Payday Lending: The CFPB remains on target to release a proposed rule soon and indicates that it will issue a Notice of Proposed Rulemaking in early 2016 and has provided a target date of February 2016.
Prepaid Financial Products: The CFPB remains on target to issue a final rule in early 2016.
Overdrafts: In the spring, the CFPB indicated that they were continuing to conduct additional research to assess whether rulemaking is warranted and did not issue a time table for rulemaking. The CFPB ow anticipates continuing its prerule activities through at least the first part of 2016.
Debt Collection: One of the bigger stories that remains is when a proposed rule as to debt collection will be issued in 2015. The CFPB has not committed to a time line. Prerule activities are now anticipated to continue into the first quarter of 2016. The CFPB indicates that they are engaged in consumer testing initiatives to “determine what information would be useful to consumers to have about debt collection and their debts and how that information should be provided to them.”
Women owned, Minority owned and Small Business Data Collection: The CFPB is in the early stages of developing rules to require financial institutions to report information about their lending to women-owned, minority owned and small businesses. The CFPB has indicated a desire to model any data collection after their recently released HMDA Rules. Prerule activities are in the initial stage and expected to continue through the third quarter of 2016.