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Financial Services Law Insights and Observations

CFPB publishes spring 2019 rulemaking agenda

Federal Issues CFPB EGRRCPA Agency Rule-Making & Guidance PACE Programs Remittance HMDA Debt Collection Payday Rule

Federal Issues

On May 22, the Office of Information and Regulatory Affairs released the CFPB’s spring 2019 rulemaking agenda. According to a Bureau blog post, the information presented represents regulatory matters it “reasonably anticipates having under consideration during the period of May 1, 2019, to April 30, 2020.” The rulemaking activities include implementing statutory directives mandated in the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), continuing certain other rulemakings previously outlined in the Bureau’s fall 2018 agenda (covered by InfoBytes here), as well as considering future projects and requests for information.

Key rulemaking initiatives include:

  • Property Assessed Clean Energy Loans (PACE): On March 4, the Bureau published an advanced notice of proposed rulemaking (ANPR) and request for comments in response to Section 307 of the Act, which amended TILA to mandate the CFPB propose regulations related to PACE financing. The regulations must carry out the purposes of TILA’s ability-to-repay requirements, and apply TILA’s general civil liability provisions for violations. (InfoBytes coverage here.)
  • Remittance Transfers: On April 25, the Bureau issued a request for information (RFI) on two aspects of the Remittance Rule that require financial companies handling international money transfers, or remittance transfers, to disclose to individuals transferring money the exact exchange rate, fees, and the amount expected to be delivered. The RFI seeks information related to the expiration of the temporary exception and whether to propose changing the number of remittance transfers a provider must make to be governed by the rule. (InfoBytes coverage here.)
  • HMDA/Regulation C: On May 2, the Bureau issued a notice of proposed rulemaking (NPRM) to raise permanently coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the HMDA rules. Specifically, the NPRM would raise permanently the reporting threshold for closed-end mortgage loans from 25 loans in each of the two preceding calendar years to either 50 or 100 closed-end loans in each of the preceding two calendar years. (InfoBytes coverage here.)
  • Debt Collection Rule: On May 7, the Bureau issued a NPRM to amend Regulation F, which implements the FDCPA, covering debt collection communications and consumer disclosures and addressing related practices by debt collectors. The Bureau reports that the NPRM “builds on research and pre-rulemaking activities regarding the debt collection market, which remains a top source of complaints.” (InfoBytes coverage here.)
  • Payday Rule/Delay of Compliance Date: On February 6, the Bureau released two NPRMs related to certain payday lending requirements under the CFPB’s 2017 final rule covering “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (the Rule). The first proposal would rescind portions of the Rule related to ability-to-repay underwriting standards for payday loans and related products scheduled to take effect later this year, while the second proposal would delay the compliance date for those same provisions for fifteen months. The Bureau anticipates it will issue a final rule concerning the compliance date this summer and a final determination on reconsideration thereafter. (InfoBytes coverage here.)

Long term priorities include rulemaking addressing (i) consumer reporting; (ii) amendments to FIRREA concerning automated valuation models; (iii) disclosure of records and information; (iv) consumer access to financial records; (v) Regulation E modernization; (vi) rules to implement the Act, concerning various mortgage requirements, student lending, and consumer reporting; and (vii) clarity for the definition of abusive acts and practices.

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