Banking and Finance Law Daily CFPB, Fed release semiannual regulatory agendas
Friday, June 21, 2019

CFPB, Fed release semiannual regulatory agendas

By Charles A. Menke, J.D.

The CFPB and the Fed have released their respective semiannual regulatory agenda for publication in the Federal Register.

The Consumer Financial Protection Bureau and Federal Reserve Board have published their semiannual regulatory agendas as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Bureau agenda stated that the agency anticipates having the identified regulatory matters under consideration during the period from May 1, 2019 to April 30, 2020. Meanwhile, the matters identified in the Fed agenda are expected to be under consideration during the period May 1, 2019, to Oct. 31, 2019. The next agenda for each agency will be published in fall 2019.

CFPB agenda. The CFPB stated that it is engaged in several rulemakings to implement directives mandated in the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, the Dodd-Frank Act, and other statutes. In addition, the Bureau is continuing certain other rulemakings set forth in its Fall 2018 Agenda to ensure that markets for consumer financial products and services operate transparently and efficiently and to address potential unwarranted regulatory burdens.

These rulemakings include proposals relating to: implement amendments to the Equal Credit Opportunity Act; reconsideration of a 2017 rule titled Payday, Vehicle Title, and Certain High-Cost Installment Loans; reconsideration of Home Mortgage Disclosure Act data requirements; and communication practices and consumer disclosures in the debt collection market. As part of these rulemakings, the Bureau said it is working to achieve the consumer protection objectives of the statutes while minimizing regulatory burden on financial services providers, including facilitating industry compliance with rules.

Addressing new projects and further planning, the agenda stated that the Bureau is considering appropriate steps to gather information relating to the expiration of a statutorily-established exception in the Remittance Rule that permits insured banks and insured credit unions to estimate certain required disclosures and other potential remittance transfer issues. The Bureau is also focusing its attention on a regulatory provision that extends qualified mortgage status to loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac while they operate under federal conservatorship or receivership.

Fed agenda. The Fed’s agenda consists of the following five sections:

  1. Prerule Stage: matters the that the Fed is considering for future rulemaking.
  2. Proposed Rule Stage: matters the Fed may consider for public comment during the next six months
  3. Final Rule Stage: previously proposed matters that are under consideration.
  4. Long-Term Actions: matters where the next action is undetermined or will occur more than 12 months after publication of the agenda.
  5. Completed Actions: regulatory matters the Fed has completed or is not expected to consider further.

Items listed under the Proposed Rules Stage include: Reduced Reporting for Covered Depository Institutions; Regulation CC—Availability of Funds and Collection of Checks; Regulation LL—Savings and Loan Holding Companies; and Regulation MM—Mutual Holding Companies.

The Fed agenda also identifies rules the Fed has selected for review under section 610(c) of the Regulatory Flexibility Act, and public comment is invited on those entries. In that regard, the Fed, together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, plan to issue a proposed rule to implement section 616(d) of the Dodd-Frank Act, which requires that bank holding companies, savings and loan holding companies, and other companies that directly or indirectly control an insured depository institution serve as a source of strength for the insured depository institution.

Companies: Fannie Mae; Freddie Mac

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