The Consumer Financial Protection Bureau recently gave its semi-annual update for its rulemaking agenda, in conjunction with the Office of Management and Budget’s initiative to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government.
After issuing several mortgage-related rules in conjunction with mandates from the Dodd-Frank Act—many of which will take effect in January 2014—the CFPB is now focusing on supporting the implementation process, it said in a July 3 blog post.
The CFPB recently proposed some clarifications and amendments to the rules to address questions raised by industry stakeholders, and is also working to complete a rule that integrates and streamlines federal mortgage disclosures.
“Pending the results of additional testing, we expect to issue the final rule this fall, although we would not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules,” says the CFPB.
Other rulemakings the CFPB is involved with include implementing its supervisory program for certain nonbank entities and conducting outreach and research to assess issues in various other markets for consumer financial products and services.
Debt collection may be the next area to consider new regulations, says the CFPB, based on a recent report on debt collection and payday and deposit advance products.
“We are also returning to a topic that had been raised as part of an earlier initiative to seek comment on ways to streamline and modernize regulations that we had inherited from other agencies,” says the blog post.
The CFPB expects to issue a proposal regarding the notices that consumers receive each year form their financial institutions explaining the companies’ information sharing practices, as some commenters have suggested eliminating the annual privacy notices if no policy changes had been made.
Read the semi-annual rulemaking agenda update.
Written by Alyssa Gerace
