Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away.
The CFPB’s timetables for “prerule activities” are February 2015 for payday loans/deposit advance products, July 2015 for overdrafts, and April 2015 for debt collection. The CFPB’s Spring 2014 agenda had given timetables for “prerule activities” of September 2014 for payday loans and deposit advance products, February 2015 for overdrafts, and December 2014 for debt collection.
The agenda includes no timetable for finalizing the CFPB’s proposed larger participant rule for auto finance (the comment period for which closes on December 8) or its prepaid accounts proposal (the 90-day comment for which will not begin to run until the proposal is published in the Federal Register). However, the agenda does give a July 2015 date for when the CFPB expects to finalize its proposed rule amending Regulation C to expand Home Mortgage Disclosure Act data reporting requirements (the comment period for which closed on October 29, 2014). It also gives a December 2014 date for when the CFPB expects to finalize its proposed rule regarding appraisal management companies (which was proposed jointly with five other federal agencies).