Compliance Blog

Dec 09, 2013

CFPB Releases Semiannual Regulatory Agenda--Fall 2013

Written by Brandy Bruyere, Regulatory Compliance Counsel

Happy Monday compliance folks! My name is Brandy Bruyere and I am one of two new Regulatory Compliance Counsels here at NAFCU. As this is my first blog post, and it's Monday, we'll start with something short.

Last week the CFPB posted its Semiannual Regulatory Agenda for Fall 2013. This agenda provides insight into which regulations the CFPB will focus on over the next six months. The agenda is organized by rulemaking stage and is current as of September 6, 2013.” Here is the list of various regulations by stage:

Prerule State:

  • Home Mortgage Disclosure Act (Regulation C)
  • Annual Privacy Notice
  • Payday Loans and Deposit Advance Products
  • Debt Collection Rule
  • Overdraft
  • Further Amendments to 2013 Mortgage Rules (Regulations X and Z)

Proposed State:

  • Requirements for Prepaid Cards (Regulation E)
  • Supervision of Certain Nonbank Covered Persons—Defining Larger Participants in Certain Consumer Financial Product and Service Markets
  • Amendments to FIRREA Concerning Appraisals
  • Extension of the Temporary Exception for Certain Disclosures Under the Remittance Transfer Rule

Final Rule Stage:

  • Restatement of Federal Consumer Financial Law Regulations
  • Amendments to TILA Concerning Appraisals
  • Integrated Mortgage Disclosures under RESPA (Regulation X) and TILA (Regulation Z)
  • Equal Access to Justice Act Implementation Rule
  • Rules of Practice for Issuance of Temporary Cease-and-Desist Orders
  • The Expedited Funds Availability Act (Regulation CC)
  • Defining Larger Participants of the Student Loan Servicing Market*
  • Amendments to 2013 Mortgage Rules (Regulations B, X, and Z)

* Since releasing the agenda last week, the CFPB has published a final rule on “Defining Larger Participants of the Student Loan Servicing Market.”

The CFPB blog announcing the release of the agenda also highlights certain pending rulemakings such as regulation of prepaid card products and its expectations to release a proposal to reduce the annual privacy notices customers must receive. The blog also discusses areas the agency will consider in 2014 for potential regulation such as debt collection, payday loans and deposit advance products.