[Federal Register Volume 79, Number 4 (Tuesday, January 7, 2014)]
[Proposed Rules]
[Pages 1242-1245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-29701]
[[Page 1241]]
Vol. 79
Tuesday,
No. 4
January 7, 2014
Part XXI
Bureau of Consumer Financial Protection
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Semiannual Regulatory Agenda
Federal Register / Vol. 79 , No. 4 / Tuesday, January 7, 2014 /
Unified Agenda
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BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Ch. X
Semiannual Regulatory Agenda
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Bureau of Consumer Financial Protection (CFPB) is
publishing this agenda as part of the Fall 2013 Unified Agenda of
Federal Regulatory and Deregulatory Actions. The CFPB reasonably
anticipates having the regulatory matters identified below under
consideration during the period from November 1, 2013 to October 31,
2014. The next agenda will be published in the spring of 2014 and will
update this agenda through the spring of 2014. Publication of this
agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C.
601 et seq.).
DATES: This information is current as of September 6, 2013.
ADDRESSES: Bureau of Consumer Financial Protection, 1700 G Street NW.,
Washington, DC 20552.
FOR FURTHER INFORMATION CONTACT: A staff contact is included for each
regulatory item listed herein.
SUPPLEMENTARY INFORMATION: The CFPB is publishing its fall 2013 agenda
as part of the Fall 2013 Unified Agenda of Federal Regulatory and
Deregulatory Actions, which is coordinated by the Office of Management
and Budget under Executive Order 12866. The CFPB's participation in the
Unified Agenda is voluntary. The complete Unified Agenda will be
available to the public at the following Web site: http://www.reginfo.gov.
Pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, 124 Stat. 1376 (Dodd-Frank Act),
the CFPB has rulemaking, supervisory, enforcement, and other
authorities relating to consumer financial products and services. These
authorities include the ability to issue regulations under more than a
dozen Federal consumer financial laws, which transferred to the CFPB
from seven Federal agencies on July 21, 2011. The CFPB also is working
on a wide range of initiatives to address issues in markets for
consumer financial products and services that are not reflected in this
notice because the Unified Agenda is limited to rulemaking activities.
The CFPB reasonably anticipates having the regulatory matters
identified below under consideration during the period from November 1,
2013 to October 31, 2014.\1\ Among the Bureau's more significant
regulatory efforts are the following.
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\1\ The listing does not include certain routine, frequent, or
administrative matters. Further, certain of the information fields
for the listing are not applicable to independent regulatory
agencies, including the CFPB, and, accordingly, the CFPB has
indicated responses of ``no'' for such fields.
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Implementing Dodd-Frank Act Mortgage Protections
First, the CFPB is continuing its regulatory efforts to implement
critical consumer protections under the Dodd-Frank Act. For instance,
the Bureau expects to issue, in the near future, a final rule combining
several disclosures that consumers receive in connection with applying
for and closing on a mortgage loan under the Truth in Lending Act and
the Real Estate Settlement Procedures Act, increasing consumer
understanding of mortgage transactions and facilitating industry
compliance.
The Bureau is also continuing rulemaking activities to assist in
the full implementation of, and facilitate compliance with, various
mortgage-related final rules issued by the Bureau in January 2013
strengthening consumer protections involving the origination and
servicing of mortgages. Most of these rules, implementing requirements
under the Dodd-Frank Act, will take effect in January 2014. Over the
last several months, the Bureau has issued several clarifications and
revisions to address interpretive issues and facilitate compliance with
the new requirements. After the effective date, the Bureau is planning
to engage in a further rulemaking to consider certain additional
refinements to these rules.
The Bureau is also participating in a series of interagency
rulemakings under the Dodd-Frank Act relating to mortgage appraisals.
In addition, the Bureau has begun work in preparation to implement
Dodd-Frank Act amendments to the Home Mortgage Disclosure Act (HMDA)
that require supplementation of existing data reporting requirements
regarding housing-related loans and applications for such loans.
Bureau Regulatory Efforts in Other Consumer Markets
Second, the CFPB is working on and considering a number of
rulemakings to address important consumer protection issues in other
markets for consumer financial products and services. For instance, the
Bureau is planning to issue an Advance Notice of Proposed Rulemaking on
debt collection, and has been engaged in extensive research and
analysis concerning payday loans, deposit advance products, and bank
overdraft programs, building on Bureau white papers issued in April and
June 2013.
The Bureau is also continuing work on a number of earlier
initiatives concerning consumer payment services. For instance,
following on an earlier Advance Notice of Proposed Rulemaking
concerning general purpose reloadable prepaid cards, the Bureau expects
to issue a Notice of Proposed Rulemaking concerning prepaid cards in
mid-2014. The Bureau also expects early next year to begin work on an
additional rulemaking to consider whether to extend the sunset of a
provision of the Dodd-Frank Act allowing depository institutions to
estimate certain items on disclosures concerning consumer remittance
transfers to foreign countries.
Third, the Bureau is continuing rulemaking activities that will
further establish the Bureau's nonbank supervisory authority by
defining larger participants of certain markets for consumer financial
products and services. Larger participants of such markets, as the
Bureau defines by rule, are subject to the Bureau's supervisory
authority.
Bureau Regulatory Streamlining Efforts
Fourth, the Bureau is continuing work to consider opportunities to
modernize and streamline regulations that it inherited from other
agencies pursuant to a transfer of rulemaking authority under the Dodd-
Frank Act. This work includes completing the consolidation and
streamlining of Federal mortgage disclosure forms discussed earlier,
and exploring opportunities to reduce unwarranted regulatory burden as
part of the HMDA rulemaking. The Bureau is also expecting to issue a
Notice of Proposed Rulemaking in 2014 to explore whether to modify
certain requirements under the Gramm-Leach-Bliley Act to provide annual
notices regarding financial institutions' data sharing practices.
Finally, the Bureau is continuing to assess timelines for other
rulemakings mandated by the Dodd-Frank Act or inherited from other
agencies and to conduct outreach and research to assess issues in
various other markets for consumer financial products and services. As
this work continues, the Bureau will evaluate possible policy
responses, including possible rulemaking actions, taking into account
the critical need for and effectiveness of various policy tools. The
Bureau will update its regulatory agenda in spring 2014 to reflect the
results of this further prioritization and planning.
[[Page 1243]]
Dated: September 6, 2013.
Meredith Fuchs,
General Counsel, Bureau of Consumer Financial Protection.
Consumer Financial Protection Bureau--Prerule Stage
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Regulation
Sequence No. Title Identifier No.
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438....................... Home Mortgage Disclosure 3170-AA10
Act (Regulation C).
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Consumer Financial Protection Bureau--Final Rule Stage
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Regulation
Sequence No. Title Identifier No.
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439....................... Integrated Mortgage 3170-AA19
Disclosures Under the
Real Estate Settlement
Procedures Act
(Regulation X) and the
Truth in Lending Act
(Regulation Z).
440....................... The Expedited Funds 3170-AA31
Availability Act
(Regulation CC).
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Consumer Financial Protection Bureau--Long-Term Actions
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Regulation
Sequence No. Title Identifier No.
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441....................... Business Lending Data 3170-AA09
(Regulation B).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Prerule Stage
438. Home Mortgage Disclosure Act (Regulation C)
Legal Authority: 12 U.S.C. 2801 to 2810
Abstract: Section 1094 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) amends the Home Mortgage
Disclosure Act (HMDA), which requires certain financial institutions to
collect and report information in connection with housing-related loans
and applications they receive for such loans. The amendments made by
the Dodd-Frank Act expand the scope of information relating to mortgage
applications and loans that must be compiled, maintained, and reported
under HMDA, including the ages of loan applicants and mortgagors,
information relating to the points and fees payable at origination, the
difference between the annual percentage rate associated with the loan
and benchmark rates for all loans, the term of any prepayment penalty,
the value of real property to be pledged as collateral, the term of the
loan and of any introductory interest rate for the loan, the presence
of contract terms allowing non-amortizing payments, the origination
channel, and the credit scores of applicants and mortgagors. The Dodd-
Frank Act also provides authority for the CFPB to require other
information, including identifiers for loans, parcels, and loan
originators. The CFPB expects to begin developing proposed regulations
concerning the data to be collected and appropriate format, procedures,
information safeguards, and privacy protections for information
compiled and reported under HMDA. The CFPB may consider additional
revisions to its regulations to accomplish the purposes of HMDA.
Timetable:
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Action Date FR Cite
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Prerule Activities.................. 02/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Joan Kayagil, Office of Regulations, Consumer
Financial Protection Bureau,Phone: 202 435-7700.
RIN: 3170-AA10
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Final Rule Stage
439. Integrated Mortgage Disclosures Under the Real Estate Settlement
Procedures Act (Regulation X) and the Truth in Lending Act (Regulation
Z)
Legal Authority: 12 U.S.C. 2617; 12 U.S.C. 3806; 15 U.S.C. 1604; 15
U.S.C. 1637(c)(5); 15 U.S.C. 1639(l); 12 U.S.C. 5532
Abstract: Sections 1032(f), 1098, and 1100A of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the
CFPB to issue proposed rules and forms that combine certain disclosures
that consumers receive in connection with a mortgage loan under the
Truth in Lending Act and the Real Estate Settlement Procedures Act.
Consistent with this requirement, the CFPB has proposed to amend
Regulation X (Real Estate Settlement Procedures Act) and Regulation Z
(Truth in Lending) to establish new disclosure requirements and forms
in Regulation Z for most closed-end consumer credit transactions
secured by real property. In addition to combining the existing
disclosure requirements and implementing new requirements in the Dodd-
Frank Act, the CFPB's proposed rule provides extensive guidance
regarding compliance with those requirements. The proposal had two
comment periods. Comments on the proposed revisions to the definition
of the finance charge and the proposed compliance date for the new
Dodd-Frank Act disclosures were due September 7, 2012. Comments on all
other aspects of the proposal were due November 6, 2012. On September
6, 2012, the CFPB issued a notice extending the comment period to
November 6, 2012, for the proposed revisions to the definition of the
finance charge. The CFPB is working to issue a final rule. The CFPB
issued the final rule to implement the compliance dates for the new
Dodd-Frank Act disclosures that were proposed in this proposal in a
separate rulemaking (see RIN 3170-AA32).
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Timetable:
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Action Date FR Cite
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NPRM................................ 08/23/12 77 FR 51116
NPRM Comment Period Extended........ 09/06/12 77 FR 54843
NPRM Comment Period End............. 11/06/12
Final Rule.......................... 11/00/13
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Richard Horn, Office of Regulations, Consumer
Financial Protection Bureau,Phone: 202 435-7700.
RIN: 3170-AA19
440. The Expedited Funds Availability Act (Regulation CC)
Legal Authority: 12 U.S.C. 4001 et seq.
Abstract: The Expedited Funds Availability Act (EFA Act),
implemented by Regulation CC, governs availability of funds after a
check deposit and check collection and return processes. Section 1086
of the Dodd-Frank Wall Street Reform and Consumer Protection Act
amended the EFA Act to provide the CFPB with joint rulemaking authority
with the Board of Governors of the Federal Reserve System (Board) over
certain consumer-related EFA Act provisions. The Board proposed
amendments to Regulation CC in March 2011, to facilitate the banking
industry's ongoing transition to fully-electronic interbank check
collection and return. The Board's proposal includes some provisions
that are subject to the CFPB's joint rulemaking authority, including
the period for funds availability and revising model form disclosures.
The CFPB will work with the Board to issue jointly a final rule that
includes provisions within the CFPB's authority.
Timetable:
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Action Date FR Cite
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NPRM................................ 03/25/11 76 FR 16862
NPRM Comment Period End............. 06/03/11
Final Rule.......................... 06/00/14
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Stephen Shin, Office of Regulations, Consumer
Financial Protection Bureau,Phone: 202 435-7700.
RIN: 3170-AA31
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Long-Term Actions
441. Business Lending Data (Regulation B)
Legal Authority: 15 U.S.C. 1691c-2
Abstract: Section 1071 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit
Opportunity Act (ECOA) to require financial institutions to report
information concerning credit applications made by women- or minority-
owned businesses and small businesses. The amendments made by the Dodd-
Frank Act require that certain data be collected and maintained under
ECOA, including the number of the application and date the application
was received; the type and purpose of loan or credit applied for; the
amount of credit applied for and approved; the type of action taken
with regard to each application and the date of such action; the census
tract of the principal place of business; the gross annual revenue; and
the race, sex, and ethnicity of the principal owners of the business.
The CFPB expects to begin developing proposed regulations concerning
the data to be collected and appropriate procedures, information
safeguards, and privacy protections for information-gathering under
this section.
Timetable:
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Action Date FR Cite
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CFPB Expects Further Action......... To Be Determined
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Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Charles Honig, Office of Regulations, Consumer
Financial Protection Bureau,Phone: 202 435-7700.
RIN: 3170-AA09
[FR Doc. 2013-29701 Filed 1-6-14; 8:45 am]
BILLING CODE 4810-AM-P