On December 2, 2016, the Consumer Financial Protection Bureau (CFPB) released its updated Fall 2016 Rulemaking Agenda. The CFPB is required to publish regulatory agendas twice a year. Below is an overview of the Fall 2016 Rulemaking Agenda:
Know Before You Owe Mortgage Disclosure Rule
Earlier this year the CFPB released a Notice of Proposed Rulemaking related to the implemention of a rule concerning federla disclosures for consumers taking out mortgage loans. The comment period for the rule ended on October 18, 2016, and the CFPB is in the process of reviewing those comments to implement a final rule.
Other Mortgage Rules
The CFPB is continuing to identify areas within the mortgage lending space that may require additional rulemaking. For example, the CFPB is continuing to work on the implementation of amendments to the Home Mortgage Disclosure Act.
Larger Participants and Non-Depository Lender Registration
The CFPB is continuing efforts to establish its supervisory authority over nonbank entities by defining larger participants of certain markets for consumer financial products and services. The CFPB will likley focus on rulemaking for larger participants in the consumer installment loans and vehical title loans markets. In addition, the CFPB is considering rules to require registration for larger nonbank institutions.
Earlier this year the CFPB issued a Notice of Proposed Rulemaking concerning the use of arbitration provisions in connection with class action waivers in consumer agreements. The comment period for the proposed rulemaking ended on August 22, 2016. The CFPB is currently reviewing those comments and preparing to take additional steps related to a final rule. You can view more about the proposed arbitration rule here.
Payday, Auto Title, and Similar Lending Products
In June 2016, the CFPB issued a Notice of Proposed Rulemaking related to practices concerning payday loans, vehicle title loans, and other similar credit products. The comment period for the proposed rulemaking ended on October 7, 2016, and a related request on November 7, 2016. The CFPB is currently reviewing those comments and preparing to take additional steps related to a final rule.
The CFPB is in the process of developing proposed rules to regulate debt collection practices. This has been an ongoing process for the CFPB over the course of the last several months and will likley continue into at least early 2017.