I am co-chairing the Annual Institute today. The morning panels are devoted to the CFPB. We began with the keynote address by Meredith Fuchs, the General Counsel of the CFPB. Meredith provided an overview of the major developments at the Bureau. On response to my question about what the future has in store with respect to rule-making. Meredith mentioned that there would likely be proposed rule with respect to prepaid cards, an area in which the Bureau has already sought input from the public, and the Home Mortgage Disclosure Act (HMDA).
In its third semi-annual report, the CFPB indicated that it expects to issue a proposed rule on prepaid cards in 2013 and accelerate work on other rulemakings that are mandated under the Dodd-Frank Act, such as the HMDA amendments that require creditors to collect and report certain additional lending data.