Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables:
Prepaid financial products. In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets. The agenda indicates that the CFPB expects to issue a final rule in January 2016.
Payday and deposit advance loans. In March 2015, the CFPB issued proposals it is considering for payday (and other small-dollar, high-rate) loans in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act (SBREFA) and Dodd-Frank. The agenda states that the CFPB plans to issue a Notice of Proposed Rulemaking “later in 2015 after additional outreach and analysis.”
Overdrafts. The CFPB issued a June 2013 white paper and a July 2014 report on checking account overdraft services. In the agenda, the CFPB states that it “plans to release the results of further studies on overdraft programs and their effects on consumers. The CFPB is also considering whether rules governing overdraft and related services are warranted, and, if so, what types of rules would be appropriate.” Although the CFPB’s last agenda set a July 2015 date for further action, the new agenda gives an October 2015 date for further prerule activities.
- Auto finance. In September 2014, the CFPB issued a proposed “larger participant” rule for the auto finance market. The agenda gives a June 2015 date for issuance of a final rule.
- Installment and auto title loans. The agenda confirms that the CFPB is considering one or more new “larger participant” rules for “consumer installment loans and vehicle title loans.” It sets a January 2016 date for prerule activities. (The confirmation follows reports at the 2015 PLI Annual Consumer Financial Services Institute held in April 2015 that installment lending was the next non-bank industry that might be subject to a larger participant rule.)
Debt collection. In November 2013, the CFPB issued an Advance Notice of Proposed Rulemaking concerning debt collection. The agenda indicates that further prerule activities, which are expected to involve the convening of a SBREFA panel, will occur in December 2015. The CFPB had indicated in its prior agenda that further prerule activities would occur in April 2015.
Arbitration. In December 2013, the CFPB issued preliminary results of its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act, and in March 2015, it issued final study results. The agenda states only that the CFPB “is considering whether rules governing pre-dispute arbitration agreements are warranted, and, if so, what types of rules would be appropriate” and gives a September 2015 for further prerule activities.
Home Mortgage Disclosure Act. In July 2014, the CFPB issued a proposed rule to implement Dodd-Frank Act amendments to HMDA. The agenda indicates that the CFPB expects to issue a final rule in August 2015.
Mortgage rules. In February 2015, the CFPB issued a proposal to modify certain mortgage loan requirements for small creditors, including those that operate predominantly in “rural or underserved” areas. The agenda sets a September 2015 date for a final rule.
In November 2014, the CFPB issued a proposal to amend various provisions of its mortgage servicing rules. The agenda has a March 2016 date for issuance of a final rule.