[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Proposed Rules]
[Pages 1652-1657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31512]



[[Page 1651]]

Vol. 78

Tuesday,

No. 5

January 8, 2013

Part XX





Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 78 , No. 5 / Tuesday, January 8, 2013 / 
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 October 1, 2012 to October 1, 
2013. The next agenda will be published in spring 2013 and will update 
this agenda through October 1, 2013. 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 November 30, 2012.

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 2012 agenda 
as part of the Fall 2012 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 (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. 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.
    The CFPB reasonably anticipates having the regulatory matters 
identified below under consideration during the period from October 1, 
2012, to October 1, 2013.\1\ These primarily include various 
rulemakings mandated by the Dodd-Frank Act, such as several mortgage-
related rulemakings and rulemakings to implement the CFPB's supervisory 
program for nondepository covered persons by, among other things, 
defining ``larger participants'' in certain consumer financial product 
and service markets.
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    \1\ The listing does not include certain routine 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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    As the CFPB completes several mortgage-related rulemakings in 
January 2013, it is continuing to assess the need and resources 
available for additional rulemakings. For instance, the Dodd-Frank Act 
mandates rulemakings to implement amendments to the Home Mortgage 
Disclosure Act, and to the Equal Credit Opportunity Act to create a 
data reporting regime concerning small, women-owned, or minority-owned 
business lending. The CFPB has also inherited proposed rules concerning 
mortgage loans, home equity lines of credit, and other topics from 
other agencies as part of the transfer of authorities under the Dodd-
Frank Act.
    As discussed in more detail in the CFPB's Fall 2012 Statement of 
Regulatory Priorities, the CFPB in the last year has also issued 
reports, Requests for Information, and an Advance Notice of Proposed 
Rulemaking on a variety of topics that may be suitable for rulemaking. 
For instance, the Bureau has sought extensive comment on ways to reduce 
regulatory burden through the streamlining of regulations that the 
Bureau inherited from other agencies under the Dodd-Frank Act. It has 
also conducted research and outreach on a variety of consumer financial 
products and services, including payday lending and deposit advance 
loans, bank overdraft programs, private student loans, prepaid cards, 
and reverse mortgages. The Bureau expects to update its agenda in 
spring 2013 to reflect the results of this prioritization and planning 
process.

    Dated: November 30, 2012.
 Meredith Fuchs,
General Counsel, Bureau of Consumer Financial Protection.

         Consumer Financial Protection Bureau--Final Rule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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424.......................  Loan Originator                    3170-AA13
                             Compensation (Regulation
                             Z).
425.......................  Mortgage Servicing                 3170-AA14
                             (Regulation X; Regulation
                             Z).
426.......................  Requirements for Escrow            3170-AA16
                             Accounts (Regulation Z).
427.......................  TILA Ability to Repay              3170-AA17
                             (Regulation Z).
428.......................  TILA/RESPA Mortgage                3170-AA19
                             Disclosure Integration
                             (Regulation X; Regulation
                             Z).
429.......................  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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430.......................  Business Lending Data              3170-AA09
                             (Regulation B).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Final Rule Stage

424. Loan Originator Compensation (Regulation Z)

    Legal Authority: 12 U.S.C. 5512; 12 U.S.C. 5581; 15 U.S.C. 1601 et 
seq.
    Abstract: The CFPB published for public comment in August 2012 a 
proposed rule amending Regulation Z (Truth in Lending) 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). The 
proposal would implement statutory changes made by the Dodd-Frank Act 
to Regulation Z's current loan originator compensation provisions, 
including a new additional restriction on the imposition of any upfront 
discount points, origination points, or fees on consumers under certain 
circumstances. In addition, the proposal implements additional 
requirements imposed by the Dodd-Frank Act concerning proper 
qualification and registration or licensing for loan originators. The 
proposal also implements Dodd-Frank Act restrictions on mandatory 
arbitration and the financing of certain credit insurance premiums. 
Finally, the proposal provides additional guidance and clarification 
under the existing regulation's provisions restricting loan originator 
compensation practices, including guidance on the application of those 
provisions to certain profit-sharing plans and the appropriate analysis 
of payments to loan originators based on factors that are not terms but 
that may act as proxies for a transaction's terms. The comment period 
for the proposed rule ended on October 16, 2012, except that the 
comment period for that portion of the proposal relating to proposed 
information collections under the Paperwork Reduction Act closed on 
November 6, 2012. The CFPB is working to issue a final rule. The CFPB 
will issue at a later time proposed regulations on anti-steering 
provisions that TILA section 129B(c)(3) requires the CFPB to adopt.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   09/07/12  77 FR 55272
NPRM Comment Period End.............   10/16/12
Final Rule..........................   01/00/13
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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-AA13

425. Mortgage Servicing (Regulation X; Regulation Z)

    Legal Authority: 12 U.S.C. 2601 et seq.; 12 U.S.C. 5512; 12 U.S.C. 
5581; 12 U.S.C. 5582; 15 U.S.C. 1602; 15 U.S.C. 1638; 15 U.S.C. 1638a; 
15 U.S.C. 1639f; 15 U.S.C. 1639g
    Abstract: The CFPB has proposed to amend Regulation Z, which 
implements the Truth in Lending Act (TILA), and the official 
interpretation of the regulation. The proposed amendments would 
implement the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(the Dodd-Frank Act) provisions regarding mortgage loan servicing. 
Specifically, the CFPB's Regulation Z proposal implements Dodd Frank 
Act sections addressing initial rate adjustment notices for adjustable-
rate mortgages (ARMs), periodic statements for residential mortgage 
loans, and prompt crediting of mortgage payments and response to 
requests for payoff amounts. The proposed revisions would also amend 
current rules governing the scope, timing, content, and format of 
current disclosures to consumers occasioned by interest rate 
adjustments of their variable-rate transactions.
    The CFPB also has proposed to amend Regulation X, which implements 
the Real Estate Settlement Procedures Act of 1974 (RESPA) and add a 
supplement setting forth an official interpretation of the regulation. 
The proposed amendments implement the Dodd-Frank Act provisions 
regarding mortgage loan servicing. Specifically, the proposal requests 
comment regarding proposed additions to Regulation X to address six 
servicer obligations: (1) To correct errors asserted, and provide 
information requested, by mortgage loan borrowers; (2) to alert 
consumers to possible servicer imposition of force-placed insurance and 
ensure that a reasonable basis exists to charge for it; (3) to 
establish reasonable information management policies and procedures; 
(4) to provide information about mortgage loss mitigation options and 
foreclosure to delinquent borrowers; (5) to provide delinquent 
borrowers access to servicer personnel with continuity of contact about 
the borrower's mortgage loan account; and (6) to evaluate borrowers' 
complete applications for available loss mitigation options. The 
Regulation X proposal would also modify and streamline certain existing 
general and servicing-related provisions of Regulation X. For instance, 
the proposal would revise provisions relating to a mortgage servicer's 
obligation to provide disclosures to borrowers in connection with a 
transfer of mortgage servicing, and a mortgage servicer's obligation to 
manage escrow accounts, including the obligation to advance funds to an 
escrow account to maintain insurance coverage and to return amounts in 
an escrow account to a borrower upon payment in full of a mortgage 
loan. The comment period for the proposed rules ended on October 9, 
2012, except that the comment period for that portion of the proposal 
relating to proposed information collections under the Paperwork 
Reduction Act closed on November 16, 2012. The CFPB is working to issue 
final rules.
    The CFPB is also participating in an interagency process among 
Federal financial services regulators to consider broader issues 
regarding national servicing standards.
    Timetable:

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               Action                    Date            FR Cite
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NPRM (Regulation X).................   09/17/12  77 FR 57200
NPRM (Regulation Z).................   09/17/12  77 FR 57318
NPRM Comment Period End.............   10/09/12
Final Rule..........................   01/00/13  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mitchell E. Hochberg, Office of Regulations, 
Consumer Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA14

426. Requirements for Escrow Accounts (Regulation Z)

    Legal Authority: 15 U.S.C. 1639
    Abstract: The Board of Governors of the Federal Reserve System 
(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

[[Page 1654]]

the TILA generally transferred from the Board to the CFPB on July 21, 
2011. The CFPB is working to issue a final rule. The CFPB, in a 
separate rulemaking (see RIN 3170-AA32), issued a final rule postponing 
the implementation of the disclosures included in the Board's proposal.
    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..........................   01/00/13
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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

427. 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 Board of Governors of the Federal Reserve System 
(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 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 generally transferred from the Board to the CFPB on July 
21, 2011. On June 5, 2012, the CFPB issued a notice to reopen the 
comment period until July 9, 2012, to seek comment on certain new data 
and information submitted during or obtained after the close of the 
original comment period. 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
Supplemental NPRM...................   06/05/12  77 FR 33120
Supplemental NPRM Comment Period End   07/09/12
Final Rule..........................   01/00/13
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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-AA17

428. 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: 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, as noted elsewhere in this regulatory agenda (see 
RIN 3170-AA32).
    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..........................   09/00/13
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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

429.  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 jointly issue 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................................   03/23/11  76 FR 16862
NPRM Comment Period End.............   06/30/11
Final Rule..........................   08/00/13
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Stephen Shin, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA31


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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Long-Term Actions

430. 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 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.........           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. 2012-31512 Filed 1-7-13; 8:45 am]
BILLING CODE 4810-AM-P