[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Proposed Rules]
[Pages 8034-8037]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1663]



[[Page 8033]]

Vol. 77

Monday,

No. 29

February 13, 2012

Part XXI





Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 77 , No. 29 / Monday, February 13, 2012 / 
Unified Agenda  

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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Ch. X


Semiannual Regulatory Agenda and Fiscal Year 2011 Regulatory Plan

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Semiannual regulatory agenda and annual regulatory plan.

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SUMMARY: The Bureau of Consumer Financial Protection (CFPB) is 
publishing this agenda as part of the Fall 2011 Unified Agenda of 
Federal Regulatory and Deregulatory Actions. The CFPB reasonably 
anticipates having the regulatory matters identified below under 
consideration during the period from October 1, 2011, to October 1, 
2012. The next agenda will be published in spring 2012 and will update 
this agenda through October 1, 2012. 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 9, 2011.

ADDRESSES: Consumer Financial Protection Bureau, 1801 L Street NW., 
Washington, DC 20036.

FOR FURTHER INFORMATION CONTACT: A staff contact is included for each 
regulatory item listed herein.

SUPPLEMENTARY INFORMATION: The CFPB is publishing its fall 2011 agenda 
as part of the Fall 2011 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: www.reginfo.gov.
    Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Pub. L. 111-203, 124 Stat. 1376) (Dodd-Frank Act), the 
CFPB has rulemaking, supervisory, enforcement, and other authorities 
relating to consumer financial products and services.\1\ 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 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.
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    \1\ Some of the CFPB's authorities may depend upon appointment 
of a Director.
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    The CFPB reasonably anticipates having the regulatory matters 
identified below under consideration during the period from October 1, 
2011, to October 1, 2012.\2\ They include various rulemakings mandated 
by the Dodd-Frank Act and resolution of a handful of proposals that had 
been issued by the transferor agencies prior to July 21, 2011. In 
addition, the CFPB must issue a number of procedural rules relating to 
the stand-up of the CFPB as an independent regulatory agency.
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    \2\ The listing does not include certain administrative matters 
relating to agency organization, management, and personnel. 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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    Because the CFPB is at an early stage of its operations, it is 
still in the process of assessing the need and resources available for 
additional rulemakings. The CFPB expects to include any such projects 
that it reasonably anticipates considering before October 2012 in its 
spring 2012 agenda.

Leonard J. Kennedy,
General Counsel, Consumer Financial Protection Bureau.

           Consumer Financial Protection Bureau--Prerule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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492.......................  Business Lending Data              3170-AA09
                             (Regulation B).
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        Consumer Financial Protection Bureau--Proposed Rule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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493.......................  TILA/RESPA Mortgage                3170-AA19
                             Disclosure Integration
                             (Regulation X; Regulation
                             Z).
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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494.......................  Disclosure Rules for               3170-AA15
                             Remittance Transactions
                             (Regulation E).
495.......................  Requirements for Escrow            3170-AA16
                             Accounts (Regulation Z).
496.......................  TILA Ability to Repay              3170-AA17
                             (Regulation Z).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

492.  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 and date the application was

[[Page 8035]]

received, the type and purpose of loan 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.........   10/00/12  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kelly Thompson Cochran, Office of Regulations, 
Consumer Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA09

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Proposed Rule Stage

493.  TILA/RESPA Mortgage Disclosure Integration (Regulation X; 
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: The CFPB will publish a proposed rule and model mortgage 
disclosure forms that will integrate the disclosure requirements of the 
Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending 
Act (TILA), as required by the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act). The proposed rule would amend 
and integrate portions of Regulation Z (Truth in Lending) and 
Regulation X (Real Estate Settlement Procedures Act), which currently 
require mortgage lenders and brokers to provide separate sets of 
disclosures to consumers. The proposed model forms will be designed to 
enhance consumer understanding and provide guidance to lenders and 
brokers on compliance with the amended disclosure requirements. The 
project may address some new disclosure requirements imposed by title 
XIV of the Dodd-Frank Act and address some elements of the Federal 
Reserve Board's August 2009 and September 2010 proposals concerning 
closed-end mortgages. See RINs 7100-AD33, 7100-AD52.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   07/00/12  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Ben Olson, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA19

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Final Rule Stage

494.  Disclosure Rules for Remittance Transactions (Regulation 
E)

    Legal Authority: 15 U.S.C. 1693o-1
    Abstract: The Federal Reserve Board (Board) published in the 
Federal Register on May 23, 2011, a proposed rule to implement section 
1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Dodd-Frank Act), which added a new section 919 to the Electronic Fund 
Transfer Act (EFTA). Consistent with the statute, the proposed rule 
requires that remittance transfer providers give senders of remittance 
transfers certain disclosures, including information about fees, the 
applicable exchange rate, and the amount of currency to be received by 
the recipient. The proposal also implements two statutory exceptions 
that permit remittance transfer providers to disclose estimates of the 
amount of currency to be received, rather than the actual amount. In 
addition, the proposed rule provides error resolution rights for 
senders of remittance transfers and promulgates standards for resolving 
errors and recordkeeping rules. The proposed rule also provides senders 
specified cancellation and refund rights. Pursuant to the Dodd-Frank 
Act, the rulemaking authority for the EFTA transferred from the Board 
to the CFPB on July 21, 2011. The CFPB is working to issue a final 
rule.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   05/23/11  76 FR 29902
NPRM Comment Period End.............   07/22/11  .......................
Final Rule..........................   01/00/12  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Vivian Wong, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA15

495.  Requirements for Escrow Accounts (Regulation Z)

    Legal Authority: 15 U.S.C. 1639
    Abstract: The Federal Reserve Board (Board) published in the 
Federal Register on March 2, 2011, a proposed rule to implement certain 
amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that 
lengthen the time for which a mandatory escrow account established for 
a higher-priced mortgage loan must be maintained. In addition, the 
Board's proposal would implement the Dodd-Frank Act's disclosure 
requirements regarding escrow accounts. The Board's proposal also would 
exempt certain loans from the statute's escrow requirement, pursuant to 
authority in the Dodd-Frank Act. The primary exemption would apply to 
mortgage loans extended by creditors that operate predominantly in 
rural or underserved areas and meet certain other prerequisites. 
Pursuant to the Dodd-Frank Act, the rulemaking authority for the TILA 
transferred from the Board to the CFPB on July 21, 2011. The CFPB is 
working to issue a final rule.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   03/02/11  76 FR 11598
NPRM Comment Period End.............   05/02/11  .......................
Final Rule..........................   09/00/12
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Paul Mondor, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA16

496.  TILA Ability To Repay (Regulation Z)

    Legal Authority: 12 U.S.C. 5512; 15 U.S.C. 1604; 15 U.S.C. 1639C
    Abstract: The Federal Reserve Board published for public comment on 
May 11, 2011, a proposed rule amending Regulation Z to implement 
amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). 
Regulation Z currently prohibits a creditor from making a higher-priced 
mortgage loan without regard to the consumer's ability to repay the 
loan. The proposal would

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implement statutory changes made by the Dodd-Frank Act that expand the 
scope of the ability-to-repay requirement to cover any consumer credit 
transaction secured by a dwelling (excluding an open-end credit plan, 
timeshare plan, reverse mortgage, or temporary loan). In addition, the 
proposal would establish standards for complying with the ability-to-
repay requirement, including by making a ``qualified mortgage.'' The 
proposal also implements the Dodd-Frank Act's limits on prepayment 
penalties. Finally, the proposal would require creditors to retain 
evidence of compliance with this rule for three years after a loan is 
consummated. Pursuant to the Dodd-Frank Act, the rulemaking authority 
for the TILA transferred from the Board to the CFPB on July 21, 2011. 
The CFPB is working to issue a final rule.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   05/11/11  76 FR 27390
NPRM Comment Period End.............   07/22/11  .......................
Final Rule..........................   04/00/12
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Brent Lattin, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA17

[FR Doc. 2012-1663 Filed 2-10-12; 8:45 am]
BILLING CODE 4810-AM-P