Newsroom

May 26, 2015

HMDA, prepaid products top CFPB spring final rulemaking agenda

CFPB's rulemaking agenda for the spring of 2015 focuses on finalizing the bureau's proposed rule updating the Home Mortgage Disclosure Act and, among other things, finalizing a proposal establishing consumer protections for prepaid financial products.

CFPB estimates the final rule on HMDA will be ready in August and that the prepaid products final rule will be ready in January 2016. Under the HMDA proposed rule, depository and non-depository institutions meeting all other criteria under Regulation C, and which had originated 25 or more covered loans in the previous calendar year, would be required to report HMDA data, including 39 data fields.

NAFCU has raised concerns about the prepaid product proposal's changes to the definition of a "finance charge," as well as its potential to limit consumer access to credit and stifle innovation in terms of products and services.

CFPB said it is continuing to analyze overdraft services and to research whether rulemaking is warranted. Earlier this month, Credit Union Times reported that CFPB ordered core processor Fiserv to turn over data related to its overdraft programs.

CFPB also listed the following issues on its agenda:

  • implementing the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures rule, which will go into effect Aug. 1, 2015;
  • other mortgage reform issues, including a proposal to modify requirements for creditors in rural and underserved areas;
  • proposals under consideration to regulate payday lending, auto title loans and certain other long-term credit products;
  • a proposal defining "larger participants" in the auto lending market, and related issues;
  • developing a proposal related to debt collection; and
  • researching arbitration agreements involving consumer financial products and services.