Proposed Regulation

On September 20, 2024, the CFPB, released a proposed rule to amend certain remittance transfer disclosure requirements in the remittance rule in Regulation E (Remittance Rule or Rule), which implements the Electronic Fund Transfer Act (EFTA), and certain accompanying model forms, to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the state agency that licenses or charters their remittance transfer provider.

On August 2, 2024, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Department of the Treasury (Treasury), (collectively the Agencies) jointly published a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. Final standards established pursuant to this rulemaking will later be adopted for certain collections of information in separate rulemakings by the agencies or through other actions taken by the agencies.

The National Credit Union Administration (NCUA) Board released a proposed rule that would require credit union boards of directors to establish processes for succession planning for key positions. This proposal is based on a proposed rule from February 2022, but includes several changes that the Board believes will further strengthen succession planning for both FCUs and federally insured, state-chartered credit unions (FISCUs).

The Consumer Financial Protection Bureau (Bureau or CFPB) released a Proposed Rule that would amend rules originally issued in 2013 regarding the responsibilities of mortgage servicers. The CFPB is seeking comment on several topics, including four key groups of changes related to assisting borrowers during loss mitigation and early intervention, as well as seeking comment on a fifth key issue related to credit reporting.

FinCEN is proposing a rule to update financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs pursuant to the Anti-Money Laundering Act of 2020 (AML Act). The proposed rule would amend FinCEN’s regulations that prescribe the minimum requirements for AML/CFT programs for financial institutions.

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) published a proposed rule to remove a regulatory exception in Regulation V from the limitation in the Fair Credit Reporting Act (FCRA) on creditors obtaining or using information on medical debts for credit eligibility determinations.

On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL).

On May 6, 2024, the National Credit Union Administration (NCUA), along with other banking regulators and the FHFA (the Agencies) released a notice of proposed rulemaking to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by jointly issuing regulations or guidelines: (1) prohibiting incentive-based compensation arrangements at covered financial institutions that encourage inappropriate risks by providing excessive compensation or that could lead to material financial loss; and (2) requiring those covered financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate federal regulator.

On May 30, 2024, the Consumer Financial Protection Bureau released a Request for Information regarding fees imposed in residential mortgage transactions, or closing costs. The Bureau is seeking input from the public on the impact of closing costs and the degree to which they add overall cost to the homebuying process.

On May 9, 2024, the Board of Governors of the Federal Reserve System published a request for comment on expanding the Fedwire Funds Service and National Settlement Service (NSS) operating hours to 22 hours per day, 7 days per week, every day of the year (22x7x365). Under the proposal, the NSS would close 30 minutes earlier than the Fedwire Funds Service.