[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  

[[Page 1242]]


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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).

[[Page 1244]]

    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