[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)]
[Proposed Rules]
[Pages 35116-35121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14373]



[[Page 35115]]

Vol. 80

Thursday,

No. 117

June 18, 2015

Part XIX





Consumer Financial Protection Bureau





-----------------------------------------------------------------------





Unified Agenda

  Federal Register / Vol. 80 , No. 117 / Thursday, June 18, 2015 / 
Unified Agenda  

[[Page 35116]]


-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR CH. X


Semiannual Regulatory Agenda

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Semiannual regulatory agenda.

-----------------------------------------------------------------------

SUMMARY: The Bureau of Consumer Financial Protection (CFPB or Bureau) 
is publishing this agenda as part of the Spring 2015 Unified Agenda of 
Federal Regulatory and Deregulatory Actions. The CFPB reasonably 
anticipates having the regulatory matters identified below under 
consideration during the period from May 1, 2015 to April 30, 2016. The 
next agenda will be published in fall 2015 and will update this agenda 
through fall 2016. 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 May 5, 2015.

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 2015 
agenda as part of the Spring 2015 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 is 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 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 May 1, 2015 
to April 30, 2016.\1\ Among the Bureau's more significant regulatory 
efforts are the following.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

Implementing Dodd-Frank Act Mortgage Protections

    A major rulemaking priority for the Bureau continues to be the 
implementation of provisions of the Dodd-Frank Act addressing practices 
and information concerning the nation's mortgage markets. The Bureau 
has already issued regulations implementing Dodd-Frank Act protections 
for mortgage originations and servicing, and integrating various 
Federal mortgage disclosures as discussed further below. The Bureau is 
also working to implement Dodd-Frank amendments to the Home Mortgage 
Disclosure Act (HMDA), which augment existing data reporting 
requirements regarding housing-related loans and applications for such 
loans. In addition to obtaining data that is critical to the purposes 
of HMDA--which include providing the public and public officials with 
information that can be used to help determine whether financial 
institutions are serving the housing needs of their communities, 
assisting public officials in the distribution of public sector 
investments, and assisting in identifying possible discriminatory 
lending patterns and enforcing antidiscrimination statutes--the Bureau 
views this rulemaking as an opportunity to streamline and modernize 
HMDA data collection and reporting in furtherance of its mission under 
the Dodd-Frank Act to reduce unwarranted regulatory burden. The Bureau 
published a proposed HMDA rule in the Federal Register on August 29, 
2014, to add several new reporting requirements and to clarify several 
existing requirements. Publication of the proposal followed initial 
outreach efforts and the convening of a panel under the Small Business 
Regulatory Enforcement Fairness Act in conjunction with the Office of 
Management and Budget and the Small Business Administration's Chief 
Counsel for Advocacy to consult with small lenders who may be affected 
by the rulemaking. The Bureau expects to issue a final rule in the 
summer of 2015 and is continuing to coordinate with other agencies and 
prepare for support of implementation efforts.
    The Bureau is also working to support implementation of its final 
rule combining several Federal mortgage disclosures that consumers 
receive in connection with applying for and closing on a mortgage loan 
under the Truth in Lending Act (TILA) and the Real Estate Settlement 
Procedures Act (RESPA). The project to integrate and streamline the 
disclosures was mandated under the Dodd-Frank Act, and is intended to 
increase consumer understanding of mortgage transactions and facilitate 
compliance by industry. The integrated forms are the cornerstone of the 
Bureau's broader ``Know Before You Owe'' initiative. The rule was 
issued in November 2013, and takes effect in August 2015. The Bureau is 
working intensively to support implementation efforts and prepare 
consumer education materials and initiatives to help consumers 
understand and use the new forms. In addition, the Bureau published in 
the Federal Register on October 29, 2014, a small proposed rule to make 
technical corrections, allow for certain language on the Loan Estimate 
form related to construction loans for transactions involving new 
construction, and extend the timing requirement for revised disclosures 
when consumers lock a rate or extend a rate lock after the Loan 
Estimate is provided. The Bureau published a final rule in the Federal 
Register on February 19, 2015, that adopted the proposed amendment.
    The Bureau is also working to support the full implementation of, 
and facilitate compliance with, various mortgage-related final rules 
issued by the Bureau in January 2013, to strengthen consumer 
protections involving the origination and servicing of mortgages. These 
rules, implementing requirements under the Dodd-Frank Act, were all 
effective by January 2014. The Bureau is working diligently to monitor 
the market and plans to make clarifications and adjustments to the 
rules where warranted. The Bureau issued rules in fall 2014 to provide 
certain adjustments to its rules for certain nonprofit entities and to 
provide a cure mechanism for lenders seeking to make ``qualified 
mortgages'' under rules requiring assessment of consumers' ability to 
repay their mortgage loans where the mortgages exceed certain 
limitations on points and fees. The Bureau also published a proposal in 
the Federal Register on December 15, 2014, to amend various provisions 
of its mortgage servicing rules, in both Regulation X and Regulation Z, 
including proposed applicability of certain provisions when the 
borrower is in bankruptcy, possible additional enhancements to loss 
mitigation

[[Page 35117]]

requirements, proposed applicability of certain provisions to 
successors in interest, and other topics. As the Bureau develops a 
final rule, it expects to review and consider public comments on the 
proposed rule, consult with other agencies, conduct consumer testing of 
certain disclosures, and prepare to support implementation and consumer 
education efforts. In addition, in order to promote access to credit, 
the Bureau is also currently engaged in further rulemaking with regard 
to certain provisions implemented under the Dodd-Frank Act that modify 
general requirements for small creditors, including those small 
creditors that operate predominantly in ``rural or underserved'' areas, 
and published a notice of proposed rulemaking in the Federal Register 
on February 11, 2015.

Bureau Regulatory Efforts in Other Consumer Markets

    The Bureau continues to work on and consider a number of 
rulemakings to address important consumer protection issues in other 
markets for consumer financial products and services.
    First, in December 2014, the Bureau published in the Federal 
Register a proposed rule to create a comprehensive set of consumer 
protections for prepaid financial products, such as general purpose 
reloadable prepaid cards and other similar products, which are 
increasingly being used by consumers in place of traditional checking 
accounts or credit cards. The proposed rule would expressly bring 
prepaid products within the ambit of Regulation E (which implements the 
Electronic Fund Transfer Act) as prepaid accounts and create new 
provisions specific to such accounts. The proposal would modify 
Regulation E to establish disclosure requirements specific to prepaid 
accounts, would provide for an alternative to Regulation E's periodic 
statement requirement, and would apply Regulation E's limited liability 
and error resolution provisions to prepaid accounts, with certain 
modifications, among other things. The proposal would also contain 
amendments to Regulation E and Regulation Z (which implements the Truth 
in lending Act) to regulate prepaid accounts with overdraft services or 
credit features. Among other things, prepaid cards that access 
overdraft services or credit features for a fee would generally be 
credit cards subject to Regulation Z and its credit card rules. The 
CFPB anticipates issuing a final rule in early 2016.
    The Bureau is also considering rules to address consumer harms from 
practices related to payday loans and other similar credit products, 
including failure to determine whether consumers have the ability to 
repay without default or reborrowing and certain payment collection 
practices. This initiative builds on Bureau research, including a white 
paper the Bureau published on these products in April 2013, a data 
point providing additional research in March 2014, and ongoing 
analysis. The Bureau expects in spring 2015, to release an outline of 
proposals under consideration and to convene a panel under the Small 
Business Regulatory Enforcement Fairness Act in conjunction with the 
Office of Management and Budget and the Small Business Administration's 
Chief Counsel for Advocacy to consult with small lenders who may be 
affected by the rulemaking. The Bureau expects to issue a Notice of 
Proposed Rulemaking later in 2015 after additional outreach and 
analysis.
    Building on Bureau research and other sources, the Bureau is also 
considering whether rules with regard to overdraft programs on checking 
accounts may be appropriate, and, if so, what types of rules would be 
appropriate. The CFPB issued a white paper in June 2013, and a report 
in July 2014, based on supervisory data from several large banks that 
highlighted a number of possible consumer protection concerns, 
including how consumers opt in to overdraft coverage for ATM and one-
time debit card transactions, overdraft coverage limits, transaction 
posting order, overdraft and insufficient funds fee structure, and 
involuntary account closures. The CFPB is continuing to engage in 
additional research. A possible rulemaking might include disclosures or 
address specific acts or practices.
    The Bureau is also engaged in research initiatives in preparation 
for a rulemaking on debt collection activities, which are the single 
largest source of complaints to the Federal government of any industry. 
Building on the Bureau's November 2013, Advance Notice of Proposed 
Rulemaking, the CFPB is conducting a survey to obtain information from 
consumers about their experiences with debt collection. The Bureau is 
also undertaking consumer testing initiatives to determine what 
information would be useful for consumers to have about debt collection 
and their debts and how that information should be provided to them.
    The Bureau is also continuing to develop research on other critical 
consumer protection markets to help assess whether regulation may be 
warranted. For example, the Bureau issued a report to Congress in March 
2015, as required by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, concerning the use of agreements providing for 
arbitration of any future dispute between covered persons and consumers 
in connection with the offer or providing of consumer financial 
products or services. The report expanded on preliminary results of 
arbitration research that had been released by the Bureau in December 
2013. Following release of the report, the CFPB is considering whether 
rules governing pre-dispute arbitration agreements are warranted, and, 
if so, what types of rules would be appropriate.
    The Bureau is also 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. On October 8, 2014, the Bureau published in the Federal 
Register a proposed rule that would define larger participants of a 
market for automobile financing and define certain automobile leasing 
activity as a financial product or service. The Bureau expects to issue 
a final rule in this area during the summer of 2015.

Bureau Regulatory Streamlining Efforts

    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.
    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 2015, to reflect the 
results of this further prioritization and planning.

    Dated: May 5, 2015.
 Meredith Fuchs,
General Counsel, Bureau of Consumer Financial Protection.

[[Page 35118]]



           Consumer Financial Protection Bureau--Prerule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
272.......................  Payday Loans and Deposit           3170-AA40
                             Advance Products.
------------------------------------------------------------------------


         Consumer Financial Protection Bureau--Final Rule Stage
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
273.......................  Home Mortgage Disclosure           3170-AA10
                             Act (Regulation C).
274.......................  The Expedited Funds                3170-AA31
                             Availability Act
                             (Regulation CC).
------------------------------------------------------------------------


         Consumer Financial Protection Bureau--Long-Term Actions
------------------------------------------------------------------------
                                                           Regulation
       Sequence No.                    Title             Identifier No.
------------------------------------------------------------------------
275.......................  Business Lending Data              3170-AA09
                             (Regulation B).
------------------------------------------------------------------------


CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

272. Payday Loans and Deposit Advance Products

    Legal Authority: Not Yet Determined
    Abstract: The Bureau is considering rules to address consumer harms 
from practices related to payday loans and other similar credit 
products, including failure to determine whether consumers has the 
ability to repay without default or re-borrowing and certain payment 
collection practices. This initiative builds on Bureau research, 
including a white paper the Bureau published on these products in April 
2013, a data point providing additional research in March 2014, and 
ongoing analysis. The Bureau expects in spring 2015 to release an 
outline of proposals under consideration and to convene a panel under 
the Small Business Regulatory Enforcement Fairness Act in conjunction 
with the Office of Management and Budget and the Small Business 
Administration's Chief Counsel for Advocacy to consult with small 
lenders who may be affected by the rulemaking. The Bureau expects to 
issue a Notice of Proposed Rulemaking later in 2015 after additional 
outreach and analysis.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
Prerule Activities..................   05/00/15  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Morelli, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA40

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Final Rule Stage

273. 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 released a proposal in 
July 2014 published in the Federal Register on August 29, 2014, that 
would add data points in accordance with the Dodd-Frank Act amendments. 
The proposal also included other revisions to its regulations to 
effectuate the purposes of HMDA, including changes to institutional and 
transactional coverage, modifications of reporting requirements, and 
clarifications of other existing regulatory provisions.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   08/29/14  79 FR 51731
NPRM Comment Period End.............   10/29/14  .......................
Final Rule..........................   08/00/15  .......................
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Thomas J. Kearney, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA10

274. 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

[[Page 35119]]

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 and stated in the proposal that 
the comment period has been extended to May 2, 2014. The CFPB will work 
with the Board to issue jointly a final rule that includes provisions 
within the CFPB's authority.
    Timetable:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   03/25/11  76 FR 16862
NPRM Comment Period End.............   06/03/11  .......................
Final Rule..........................   12/00/15  .......................
------------------------------------------------------------------------

    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)

Long-Term Actions

275. 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 to ECOA made by 
the Dodd-Frank Act require that certain data be collected and 
maintained, 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 of the business; and the race, sex, and ethnicity of the 
principal owners of the business. The Dodd-Frank Act also provides 
authority for the CFPB to require any additional data that the CFPB 
determines would aid in fulfilling the purposes of this section. 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:

------------------------------------------------------------------------
               Action                    Date            FR Cite
------------------------------------------------------------------------
CFPB Expects Further Action To Be              To Be Determined
 Determined.
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elena Grigera Babinecz, Office of Regulations, 
Consumer Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA09

[FR Doc. 2015-14373 Filed 6-17-15; 8:45 am]
 BILLING CODE 4810-AM-P