[Federal Register Volume 79, Number 114 (Friday, June 13, 2014)]
[Proposed Rules]
[Pages 34146-34149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-13135]



[[Page 34145]]

Vol. 79

Friday,

No. 114

June 13, 2014

Part XXI





Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 79 , No. 114 / Friday, June 13, 2014 / 
Unified Agenda  

[[Page 34146]]


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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 or Bureau) 
is publishing this Agenda as part of the Spring 2014 Unified Agenda of 
Federal Regulatory and Deregulatory Actions. The CFPB reasonably 
anticipates having the regulatory matters identified below under 
consideration during the period from April 1, 2014 to March 31, 2015. 
The next agenda will be published in the fall of 2014 and will update 
this agenda through the fall of 2015. 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 February 28, 2014.

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 spring 2014 
agenda as part of the Spring 2014 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 April 1, 
2014, to March 31, 2015.\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, 
in November 2013 the Bureau issued a Final Rule to consolidate Federal 
mortgage disclosures under the Truth in Lending Act (TILA) and Real 
Estate Settlement Procedures Act (RESPA). The new ``Know Before You 
Owe'' mortgage forms will replace the existing Federal disclosures and 
help consumers understand their options, choose the deal that's best 
for them, and avoid costly surprises at the closing table. This rule 
will be effective August 1, 2015, and in the coming months, the Bureau 
will provide additional regulatory implementation support information 
to help industry understand and implement the rule.
    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. These rules, implementing requirements under 
the Dodd-Frank Act, were all effective by January 2014, however the 
Bureau is planning to engage in further rulemaking to consider certain 
additional refinements to these rules.
    In addition, the Bureau has begun work in preparation to implement 
Dodd-Frank Act amendments to the Home Mortgage Disclosure Act (HMDA) 
that require, among other things, 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 reviewing comments received in response to 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 and credit union 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 to issue a proposal shortly 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 implementing 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 shortly 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 fall 2014 to reflect the 
results of this further prioritization and planning.


[[Page 34147]]


    Dated: February 28, 2014.
 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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281.......................  Home Mortgage Disclosure           3170-AA10
                             Act (Regulation C).
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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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282.......................  Business Lending Data              3170-AA09
                             (Regulation B).
283.......................  The Expedited Funds                3170-AA31
                             Availability Act
                             (Regulation CC).
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         Consumer Financial Protection Bureau--Completed Actions
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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284.......................  Integrated Mortgage                3170-AA19
                             Disclosures Under the
                             Real Estate Settlement
                             Procedures Act
                             (Regulation X) and the
                             Truth in Lending Act
                             (Regulation Z).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

281. 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) amended 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, among other things, 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 the 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 application 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 complete the 
SBREFA process and begin developing a proposed rule concerning the data 
to be collected and appropriate format, procedures, information 
safeguards, and privacy protections for information compiled and 
reported under HMDA. The CFPB is considering additional revisions to 
its regulations to effectuate the purposes of HMDA.
    Timetable:

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               Action                    Date            FR Cite
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Prerule Activities..................   05/00/14
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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)

Long-Term Actions

282. 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

283. The Expedited Funds Availability Act (Regulation CC)

    Legal Authority: 12 U.S.C. 4001 et seq.

[[Page 34148]]

    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. 
In addition, in December 2013, the Board proposed revised amendments to 
certain Regulation CC provisions that are not subject to the CFPB's 
authority. 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..........................   06/00/15
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Joseph Baressi, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA31

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Completed Actions

284. 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 initially 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 published a final rule on 
December 31, 2013.
    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..........................   12/31/13  78 FR 79730
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Andy Arculin, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA19

[FR Doc. 2014-13135 Filed 6-12-14; 8:45 am]
BILLING CODE 4810-AM-P