[Federal Register Volume 80, Number 240 (Tuesday, December 15, 2015)]
[Proposed Rules]
[Pages 78056-78060]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30668]



[[Page 78055]]

Vol. 80

Tuesday,

No. 240

December 15, 2015

Part XXII





Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 80 , No. 240 / Tuesday, December 15, 2015 / 
Unified Agenda  

[[Page 78056]]


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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 Fall 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 November 1, 2015, to October 31, 
2016. The next agenda will be published in spring 2016 and will update 
this agenda through spring 2017. 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 18, 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 fall 2015 agenda 
as part of the Fall 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 November 1, 
2015, to October 31, 2016.\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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Bureau Regulatory Efforts in Various Consumer Markets

    The Bureau is working on a number of rulemakings to address 
important consumer protection issues in a wide variety of markets for 
consumer financial products and services.
    For example, the Bureau is beginning a rulemaking process to follow 
up on a report it issued to Congress in March 2015, concerning the use 
of agreements providing for arbitration of any future dispute between 
covered persons and consumers in connection with the offering or 
providing of consumer financial products or services. The report, which 
was required by the Dodd-Frank Act, expanded on preliminary results of 
arbitration research that had been released by the Bureau in December 
2013. Following release of the report, the CFPB analyzed whether rules 
governing pre-dispute arbitration agreements are warranted, and, if so, 
what types of rules would be appropriate. The Bureau has preliminarily 
determined that it should proceed with a rulemaking regarding pre-
dispute arbitration agreements. To begin the rulemaking process, the 
Bureau intends to convene a panel in fall 2015 under the Small Business 
Regulatory Enforcement Fairness Act and in conjunction with the Office 
of Management and Budget and the Small Business Administration's Chief 
Counsel for Advocacy, to consult with small businesses that may be 
affected by the policy proposals under consideration.
    The Bureau is also considering rules to address consumer harms from 
practices related to payday loans, auto title 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. Under the Small Business Regulatory Enforcement 
Fairness Act, the Bureau released in March 2015, an outline of 
proposals under consideration for the rulemaking. As part of Small 
Business Regulatory Enforcement Fairness Act process, in April 2015, 
the Bureau, along with the Office of Management and Budget and the 
Small Business Administration's Chief Counsel for Advocacy, met with 
small lenders that may be affected by the rulemaking to obtain feedback 
on the proposals. This rulemaking 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 to issue a notice of proposed rulemaking 
in early 2016 after additional outreach and analysis.
    Building on Bureau research and other sources, the Bureau is also 
engaged in policy analysis and further research initiatives in 
preparation for a rulemaking on overdraft programs on checking 
accounts. 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 practices, overdraft and insufficient funds fee 
structure, and involuntary account closures. The CFPB is continuing to 
engage in additional research and has begun consumer testing 
initiatives relating to the opt-in process.
    The Bureau is also engaged in policy analysis and 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 in the process 
of analyzing the results of 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 working on a final rule to create a 
comprehensive set of consumer protections for prepaid financial 
products, such as general purpose reloadable 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 
also amend Regulation E and Regulation Z (which implements the Truth in

[[Page 78057]]

Lending Act) to regulate prepaid accounts with overdraft services or 
credit features. The Bureau's proposed rule on prepaid accounts was 
issued in November 2014, and the Bureau anticipates issuing a final 
rule in spring 2016.
    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 June 30, 2015, the Bureau published in the Federal 
Register a final rule that defines larger participants of a market for 
automobile financing and defines certain automobile leasing activity as 
a financial product or service. The Bureau expects that its next larger 
participant rulemaking will focus on the markets for consumer 
installment loans and vehicle title loans for purposes of supervision. 
The Bureau is also considering whether rules to require registration of 
these or other non-depository lenders would facilitate supervision, as 
has been suggested to the Bureau by both consumer advocates and 
industry groups.
    The Bureau is also continuing to develop research on other critical 
markets to help implement statutory directives and to assess whether 
regulation of other consumer financial products and services may be 
warranted. For example, the Bureau is starting its work to implement 
section 1071 of the Dodd-Frank Act, which amends the Equal Credit 
Opportunity Act to require financial institutions to report information 
concerning credit applications made by women-owned, minority-owned, and 
small businesses. The Bureau will focus on outreach and research to 
develop its understanding of the players, products, and practices in 
the small business lending market and of the potential ways to 
implement section 1071. The CFPB then 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.

Implementing Dodd-Frank Act Mortgage Protections

    The Bureau is also continuing efforts to implement critical 
consumer protections under the Dodd-Frank Act to guard against mortgage 
market practices that contributed to the nation's most significant 
financial crisis in several decades. 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 in August 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 fall 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. The integrated forms 
are the cornerstone of the Bureau's broader ``Know Before You Owe'' 
mortgage initiative. The final rule was issued in November 2013, and 
takes effect October 3, 2015. The Bureau has worked intensively to 
support implementation efforts, including consumer education 
initiatives. To facilitate implementation, the Bureau has released a 
small entity compliance guide, a guide to forms, a readiness guide, 
sample forms, and additional materials. The Bureau has conducted six 
free, publicly available webinars to answer common questions and hosted 
an additional webinar targeted at housing counselors. In January 2015, 
after extensive outreach to stakeholders, the Bureau adopted two minor 
modifications and technical amendments to the Rule to smooth compliance 
for industry.\2\ After discovering an administrative error in June 
2015, the Bureau issued a proposal to extend the effective date from 
August 1, 2015, to October 3, 2015, and finalized the extension of the 
effective date to October 3, 2015, on July 24, 2015. The Bureau expects 
to continue working to support implementation of the rule, monitor the 
market, and make clarifications and adjustments to the rule where 
warranted.
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    \2\ 80 FR 8767 (Feb. 19, 2015).
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    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. For example, in order to promote access to 
credit, the Bureau engaged in further research to assess the impact of 
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 
in February 2015. The Bureau anticipates issuing a final rule in 
September 2015.
    The Bureau also published a proposal in the Federal Register in 
December 2014, to amend various provisions of its mortgage servicing 
rules in both Regulation X (which implements RESPA) and Regulation Z. 
The proposal included further clarification of the applicability of 
certain provisions when the borrower is in bankruptcy, possible 
additional enhancements to loss mitigation requirements, proposed 
applicability of certain provisions to successors in interest, and 
other topics. As the Bureau develops a final rule, it is reviewing and 
considering public comments on the proposed rule, consulting with other 
agencies, conducting consumer testing of certain

[[Page 78058]]

disclosures, and preparing to support implementation and consumer 
education efforts. The Bureau expects to issue a final rule in late 
spring 2016.

Bureau Long-Term Planning Efforts

    The Bureau has also updated its long-term agenda to reflect its 
expectations beyond fiscal year 2016. As noted in these items, the 
Bureau intends to explore potential rulemakings to address important 
issues related to consumer reporting and student loan servicing. The 
Bureau has also eliminated a listing for certain mortgage-related 
rulemakings inherited from other agencies pursuant to the transfer of 
rulemaking authority under the Dodd-Frank Act in 2011. The Bureau 
remains interested in the subjects of these rulemakings but anticipates 
that it would develop new proposals rather than finalizing notices that 
are at least five years old.
    With regard to consumer reporting, the Bureau continues to monitor 
the credit reporting market through its supervisory, enforcement, and 
research efforts, and to consider prior research, including a white 
paper the Bureau published on the largest consumer reporting agencies 
in December 2012, and reports on credit report accuracy produced by the 
Federal Trade Commission pursuant to the Fair and Accurate Credit 
Transactions Act. As this work continues, the Bureau will evaluate 
possible policy responses to issues identified, including potential 
additional rules or amendments to existing rules governing consumer 
reporting. Potential topics for consideration might include the 
accuracy of credit reports, including the processes for resolving 
consumer disputes, or other issues.
    Further, in May 2015, the CFPB issued a request for information 
seeking comment from the public regarding student loan servicing 
practices, including those related to payment processing, servicing 
transfers, complaint resolution, co-signer release, and procedures 
regarding alternative repayment and refinancing options. In September 
2015, the CFPB released a report regarding student loan servicing 
practices, based, in part, on comments submitted in response to the 
request for information. The CFPB will also continue to monitor the 
student loan servicing market for trends and developments. As this work 
continues, the Bureau will evaluate possible policy responses, 
including potential rulemaking. Possible topics for consideration might 
include specific acts or practices and consumer disclosures.
    The Bureau has continued 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. While the Bureau considers the modernizing 
and streamlining effort to be important, it has determined that aspects 
of the inherited proposals to amend Regulation Z have become stale with 
the passage of several years since their issuance. At this point, the 
Bureau believes that any rulemaking it may undertake in the areas the 
proposals addressed would be best achieved through fresh initiatives 
that would begin with new proposals based on new reviews of the 
relevant markets and other appropriate outreach and fact gathering, 
followed by fresh analyses of any policy and legal issues or concerns 
presented. The CFPB has been evaluating further action regarding these 
pending proposals and, at this time, has determined that it will take 
no further action. For this reason, the Bureau has chosen not to 
include the item entry titled, ``TILA Mortgage Amendments (Regulations 
Z)'' (RIN 3170-AA09) from the current edition of the semiannual 
regulatory agenda. The Bureau is continuing to assess the mortgage 
market on an ongoing basis and will revisit the need to initiate new 
proposals at a later date.
    The Bureau also has begun planning to conduct assessments of 
significant rules it has adopted, pursuant to section 1022(d) of the 
Dodd-Frank Act. That section requires the Bureau to conduct such 
assessments to address, among other relevant factors, the effectiveness 
of the rules in meeting the purposes and objectives of title X of the 
Dodd-Frank Act and the specific goals of the rules assessed, to publish 
a report of each assessment not later than 5 years after the effective 
date of the subject rule, and to invite public comment on 
recommendations for modifying, expanding, or eliminating the subject 
rule before publishing each report. The Bureau will provide further 
information about its expectations for the lookback process as its 
planning continues.

    Dated: September 18, 2015.
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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427.......................  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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428.......................  Payday Loans and Deposit           3170-AA40
                             Advance Products.
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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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429.......................  The Expedited Funds                3170-AA31
                             Availability Act
                             (Regulation CC).
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[[Page 78059]]


         Consumer Financial Protection Bureau--Completed Actions
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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430.......................  Home Mortgage Disclosure           3170-AA10
                             Act (Regulation C).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

427. 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-owned, 
minority-owned, 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 
Bureau will focus on outreach and research to develop its understanding 
of the players, products, and practices in the small business lending 
market and of the potential ways to implement section 1071. The CFPB 
then 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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Prerule Activities..................   09/00/16
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elena Grigera Babinecz, Office of Regulations, 
Consumer Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA09

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Proposed Rule Stage

428. 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 have the 
ability to repay without default or reborrowing and certain payment 
collection practices. Under the Small Business Regulatory Enforcement 
Fairness Act (SBREFA), the Bureau released in March 2015 an outline of 
proposals under consideration for the rulemaking. As part of SBREFA 
process, in April 2015, the Bureau along with the Office of Management 
and Budget and the Small Business Administration's Chief Counsel for 
Advocacy, met with small lenders that may be affected by the rulemaking 
to obtain feedback on the proposals. This rulemaking 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 to issue a Notice 
of Proposed Rulemaking in early 2016 after additional outreach and 
analysis.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   02/00/16
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    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

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. 
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:

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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..........................   09/00/16
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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

430. 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

[[Page 78060]]

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. The Bureau 
issued the final rule in fall 2015.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   08/29/14  79 FR 51731
NPRM Comment Period End.............   10/29/14
Final Rule..........................   10/28/15  80 FR 66127
Final Rule Effective................   01/01/18
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Elena Grigera Babinecz, Office of Regulations, 
Consumer Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA10

[FR Doc. 2015-30668 Filed 12-14-15; 8:45 am]
BILLING CODE 4810-AM-P