CFPB's Semi-Annual Regulatory Agenda
Written by Steve Van Beek
Earlier this week, the CFPB published its "Semi-Annual Regulatory Agenda" in the Federal Register. Â This agenda gives credit unions a peek at which regulations the CFPB is working on. Â Their Agenda includes rules that are in the "prerule" stage; rules that are in the "proposed" rule stage; and those that are in the "final" rule stage. Â Keep in mind these are stages and doesn't mean there is an existing proposed rule for "TILA/RESPA" combined disclosures. Â It means the CFPB is working onÂ a proposed rule (i.e., in the drafting phase of the rulemaking process.) Â
Here are a couple that are specifically mentioned:
Prerule Stage. Â Business Lending Data (Regulation B) - Required by Section 1071 of Dodd-Frank.
Proposed Rule Stage.Â TILA/RESPA Mortgage Disclosure Integration (Reg Z and Reg X).
Final Rule Stage:Â Â
- Remittances Transfers (Regulation E) - which has already been finalized.
- Requirements for Escrow Accounts (Regulation Z) - for higher-priced mortgage loans.
- Ability to Repay for Mortgages (Regulation Z) - including the "qualified mortgage" criteria.
The Semi-Annual Regulatory Agenda provides a very brief summary of the the rules which might be useful to track what is coming next. Â
Agency Rule List. Â The CFPB's Regulation page contains a link to their "Agency Rule List." Â The Agency Rule ListÂ provides similar information to the Semi-Annual Regulatory Agenda but is more comprehensive. Â It is hosted at the Office of Information and Regulatory Affairs (OIRA) at the Office of Management and Budget (OMB).
NCUA also maintains a listing of regulations that it is working on. Â That listing is available here. Â The same caveats for final rule "stage" applies. Â
As we mentioned yesterday, NCUA usually proposes and finalizes rules during a formal Board meeting. Â For the CFPB, keeping an eye on their Agency Rule List is important to know what actions they are considering next. Â Â