[Federal Register Volume 83, Number 55 (Wednesday, March 21, 2018)]
[Proposed Rules]
[Pages 12286-12289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05612]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2018-0011]

12 CFR Chapter X


Request for Information Regarding the Bureau's Adopted 
Regulations and New Rulemaking Authorities

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Request for information.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
seeking comments and information from interested parties to assist the 
Bureau in considering whether, consistent with its statutory authority 
to prescribe rules pursuant to the Federal consumer financial laws, the 
Bureau should amend those rules it has promulgated since its creation 
or issue certain new rules.

DATES: Comments must be received by June 19, 2018.

ADDRESSES: You may submit responsive information and other comments, 
identified by Docket No. CFPB-2018-0011, by any of the following 
methods:
     Electronic: Go to http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Email: [email protected]. Include Docket 
No. CFPB-2018-0011 in the subject line of the message.
     Mail: Comment Intake, Consumer Financial Protection 
Bureau, 1700 G Street NW, Washington, DC 20552.
     Hand Delivery/Courier: Comment Intake, Consumer Financial 
Protection Bureau, 1700 G Street NW, Washington, DC 20552.
    Instructions: The Bureau encourages the early submission of 
comments. All submissions must include the document title and docket 
number. Please note the number of the topic on which you are commenting 
at the top of each response (you do not need to address all topics). 
Because paper mail in the Washington, DC area and at the Bureau is 
subject to delay, commenters are encouraged to submit comments 
electronically. In general, all comments received will be posted 
without change to http://www.regulations.gov. In addition, comments 
will be available for public inspection and copying at 1700 G Street 
NW, Washington, DC 20552, on official business days between the hours 
of 10 a.m. and 5 p.m. eastern time. You can make an appointment to 
inspect the documents by telephoning 202-435-7275.
    All submissions in response to this request for information, 
including

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attachments and other supporting materials, will become part of the 
public record and subject to public disclosure. Proprietary information 
or sensitive personal information, such as account numbers or Social 
Security numbers, or names of other individuals, should not be 
included. Submissions will not be edited to remove any identifying or 
contact information.

FOR FURTHER INFORMATION CONTACT: Thomas L. Devlin and Kristin 
McPartland, Senior Counsels, Office of Regulations, at 202-435-7700. If 
you require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: Congress established the Bureau in the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) 
and therein set forth the Bureau's purpose, objectives, and 
functions.\1\ Pursuant to that Act, on July 21, 2011, the ``consumer 
financial protection functions'' previously vested in certain other 
Federal agencies transferred to the Bureau.\2\ The term ``consumer 
financial protection function'' is defined to include ``all authority 
to prescribe rules or issue orders or guidelines pursuant to any 
Federal consumer financial law, including performing appropriate 
functions to promulgate and review such rules, orders, and 
guidelines.'' \3\ The Dodd-Frank Act in turn defines Federal consumer 
financial law broadly to include ``the provisions of [title X of the 
Dodd-Frank Act], the enumerated consumer laws, the laws for which 
authorities are transferred under subtitles F and H, and any rule or 
order prescribed by the Bureau under [title X], an enumerated consumer 
law, or pursuant to the authorities transferred under subtitles F and 
H.'' \4\
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    \1\ Public Law 111-203, 124 Stat. 2081 (2010) (codified at 15 
U.S.C. 1693a et seq.). Section 1021 of the Dodd-Frank Act states 
that the Bureau shall seek to implement and, where applicable, 
enforce Federal consumer financial law consistently for the purpose 
of ensuring that all consumers have access to markets for consumer 
financial products and services and that markets for consumer 
financial products and services are fair, transparent, and 
competitive. Section 1021 also authorized the Bureau to exercise its 
authorities under Federal consumer financial law for the purposes of 
ensuring that, with respect to consumer financial products and 
services, five specific objectives are met. 12 U.S.C. 5511.
    \2\ 12 U.S.C. 5581.
    \3\ 12 U.S.C. 5581(a)(1).
    \4\ 12 U.S.C. 5481(14).
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    Accordingly, Congress generally transferred to the Bureau 
rulemaking authority for Federal consumer financial laws previously 
vested in certain other Federal agencies, and the Bureau thereafter 
assumed responsibility over the various regulations that these agencies 
had issued under this rulemaking authority (the ``Inherited 
Regulations'').\5\ The Dodd-Frank Act also provided new rulemaking 
authorities to the Bureau under the Federal consumer financial laws.\6\ 
Since the Bureau's creation, it has prescribed a number of rules under 
Federal consumer financial law in rulemakings mandated by Congress, as 
well as in discretionary rulemakings. These Bureau-issued rules and the 
new authorities created under the Dodd-Frank Act are referred to 
collectively in this RFI as the ``Adopted Regulations.'' The Adopted 
Regulations have often amended the Inherited Regulations.
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    \5\ The Bureau generally restated these regulations first 
through a series of interim final rules published in the Federal 
Register and subsequently through a final rule. 81 FR 25323 (Apr. 
28, 2016). Bureau rules are generally set forth in title 12, Chapter 
X of the Code of Federal Regulations.
    \6\ For example, section 1089 of the Dodd-Frank Act amended the 
Fair Debt Collection Practices Act to authorize the Bureau to 
``prescribe rules with respect to the collection of debts by debt 
collectors,'' as defined in the Act. See 15 U.S.C. 1692l(d); 78 FR 
67847, 67852 (Nov. 12, 2013).
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    The Bureau's Rulemaking Authority. The Dodd-Frank Act states that 
the Bureau is authorized to ``exercise its authorities under Federal 
consumer financial law to administer, enforce, and otherwise implement 
the provisions of Federal consumer financial law.'' \7\ The Dodd-Frank 
Act further authorizes the Director of the Bureau to prescribe rules as 
may be necessary or appropriate to enable the Bureau to administer and 
carry out the purposes and objectives of the Federal consumer financial 
laws, which include enumerated consumer laws as well as provisions of 
the Dodd-Frank Act, and to prevent evasions thereof.\8\
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    \7\ 12 U.S.C. 5512(a).
    \8\ 12 U.S.C. 5512(b)(1).
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    Existing Bureau Work to Examine Adopted Regulations. Section 
1022(d) of the Dodd-Frank Act requires the Bureau to conduct an 
assessment of each significant rule or order adopted by the Bureau 
under Federal consumer financial law. The Bureau must publish a report 
of the assessment not later than five years after the effective date of 
such rule or order. The assessment must address, among other relevant 
factors, the rule's effectiveness in meeting the purposes and 
objectives of title X of the Dodd-Frank Act and the specific goals 
stated by the Bureau. The assessment also must reflect available 
evidence and any data that the Bureau reasonably may collect. Before 
publishing a report of its assessment, the Bureau must invite public 
comment on recommendations for modifying, expanding, or eliminating the 
significant rule or order.\9\ More generally, the Dodd-Frank Act also 
states that the Bureau is authorized to exercise its authorities under 
Federal consumer financial law for, among other objectives, ``ensuring 
that, with respect to consumer financial products and services . . . 
outdated, unnecessary, or unduly burdensome regulations are regularly 
identified and addressed in order to reduce unwarranted regulatory 
burdens.'' \10\ As discussed further below, the Bureau has issued three 
Requests for Information to date announcing section 1022(d) assessments 
of specific Adopted Regulations and seeking comment on the assessments.
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    \9\ 12 U.S.C. 5512(d).
    \10\ 12 U.S.C. 5511(b)(3).
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Overview of This Request for Information

    The Bureau is using this request for information (RFI) to seek 
public input regarding the substance of the Adopted Regulations, 
including whether the Bureau should issue additional rules. The Bureau 
encourages comments from all interested members of the public. The 
Bureau anticipates that the responding public may include (among 
others) entities and their service providers subject to Bureau rules, 
trade associations that represent these entities, individual consumers, 
consumer advocates, regulators, and researchers or members of academia.
    The Bureau previously issued an RFI regarding its rulemaking 
processes, and plans to issue an RFI about the Bureau's regulatory 
implementation and guidance functions. The Bureau also plans to issue 
an RFI regarding the Inherited Regulations. Accordingly, the purpose of 
this RFI is to seek feedback on the content of the Adopted Regulations, 
not the Bureau's rulemaking processes, implementation initiatives that 
occur after the issuance of a final rule, or the Inherited Regulations. 
Also please note that the Bureau is not requesting comment on any 
pending rulemaking for which the Bureau has issued a Notice of Proposed 
Rulemaking or otherwise solicited public comment.
    The Adopted Regulations. The Adopted Regulations include 
rulemakings adopted under Federal consumer financial law and issued by 
the Bureau since the designated transfer date in 2011, including rules 
that were adopted pursuant to specific instructions from Congress.\11\ 
The term

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also includes new rulemaking authorities given to the Bureau by the 
Dodd-Frank Act under the Federal consumer financial laws. The Adopted 
Regulations generally include all final rulemakings that the Bureau 
issued after providing notice and seeking public comment, including any 
accompanying Official Interpretations (commentary) issued by the 
Bureau. However, the Bureau is not requesting feedback at this time on 
its 2015 rule under the Home Mortgage Disclosure Act (nor that rule's 
subsequent amendments) \12\ or its 2017 rule entitled ``Payday, Vehicle 
Title, and Certain High-Cost Installment Loans,'' \13\ because the 
Bureau has previously announced that it intends to engage in rulemaking 
processes to reconsider those rules.
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    \11\ Examples of larger rules issued by the Bureau that would 
fall under the definition of ``Adopted Regulations'' include the 
rules the Bureau promulgated pursuant to the Dodd-Frank Act to 
govern mortgage servicing, mortgage origination, integrated mortgage 
disclosures, and remittance transfers, and also include 
discretionary rules the Bureau has adopted such as the rule 
governing prepaid accounts. This list is non-exclusive; a full list 
of final rules issued by the Bureau is available at https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/.
    \12\ 80 FR 66127 (Oct. 28, 2015), as subsequently amended.
    \13\ 82 FR 54472 (Nov. 17, 2017).
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    The Bureau also previously has announced that it is conducting 
assessments, pursuant to section 1022(d) of the Dodd-Frank Act, of 
certain final Bureau rules concerning remittance transfers, mortgage 
servicing under the Real Estate Settlement Procedures Act, and ability-
to-repay and qualified mortgage standards.\14\ As part of those 
assessments, the Bureau previously solicited recommendations for 
modifying, expanding, or eliminating these rules in accordance with 
section 1022(d)(3). The Bureau will consider for purposes of this RFI, 
and to the extent relevant, all comments previously received in 
connection with the assessments. Although respondents to this RFI are 
free to comment on those rules currently under assessment, respondents 
should not feel any obligation to include in their responses to this 
RFI suggestions or observations previously made in the context of those 
assessments.
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    \14\ 77 FR 6194 (Feb. 7, 2012), 78 FR 10695 (Feb. 14, 2013), and 
78 FR 6408 (Jan. 30, 2013), each as subsequently amended.
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Suggested Topics for Commenters

    To allow the Bureau to more effectively evaluate suggestions, the 
Bureau requests that, where possible, comments include:
     Specific suggestions regarding any potential updates or 
modifications to the Adopted Regulations, consistent with the laws 
providing the Bureau with rulemaking authority and the Bureau's 
regulatory and statutory purposes and objectives, and including, in as 
much detail as possible, the nature of the requested change, and 
supporting data or other information on impacts and costs of the 
Adopted Regulations and on the suggested changes thereto; and
     Specific identification of any aspects of the Adopted 
Regulations that should not be modified, consistent with the laws 
providing the Bureau with rulemaking authority and the Bureau's 
regulatory and statutory purposes and objectives, and including, in as 
much detail as possible, supporting data or other information on 
impacts and costs, or information related to consumer and public 
benefit resulting from these rules.
    The following list represents a preliminary attempt by the Bureau 
to identify considerations relevant in determining where modifications 
of the Adopted Regulations or further exercise of the Bureau's 
rulemaking authorities may be appropriate. This non-exhaustive list is 
meant to assist in the formulation of comments and is not intended to 
restrict the issues that may be addressed. The Bureau requests that, in 
addressing these questions or others, commenters identify with 
specificity the Bureau rules at issue, providing legal citations to 
specific regulations or statutes where appropriate and available. The 
Bureau invites commenters to identify the products or services that 
would be affected by any recommendations made by those commenters. 
Please feel free to comment on some or all of the questions below and 
on some or all of the Adopted Regulations, but be sure to indicate on 
which area you are commenting. The Bureau encourages commenters to make 
their best efforts to limit their comments to the Adopted Regulations; 
however, the Bureau will consider all comments received under the 
Inherited Regulations and Adopted Regulations RFIs together.
    From all of the suggestions, commenters are requested to offer 
their highest priorities, along with their explanation of how or why 
they have prioritized suggestions. Commenters are asked to single out 
their top priority. Suggestions should focus on revisions that the 
Bureau could implement consistent with its authorities and without 
Congressional action.
    The Bureau is seeking feedback on all aspects of the Adopted 
Regulations, including but not limited to:
    1. Aspects of the Adopted Regulations that:
    a. Should be tailored to particular types of institutions or to 
institutions of a particular size;
    b. Create unintended consequences;
    c. Overlap or conflict with other laws or regulations in a way that 
makes it difficult or particularly burdensome for institutions to 
comply;
    d. Are incompatible or misaligned with new technologies, including 
by limiting providers' ability to deliver, electronically, mandatory 
disclosures or other information that may be relevant to consumers; or
    e. Could be modified to provide consumers greater protection from 
the incidence and effects of identity theft.
    2. Changes the Bureau could make to the Adopted Regulations, 
consistent with its statutory authority, to more effectively meet the 
statutory purposes and objectives set forth in the Federal consumer 
financial laws, as well as the Bureau's specific goals for the 
particular Adopted Regulation.
    3. Changes the Bureau could make to the Adopted Regulations, 
consistent with its statutory authority, that would advance the 
following statutory purposes and objectives as set forth in section 
1021 of the Dodd-Frank Act:
    a. The statutory purposes set forth in section 1021(a) are:
    i. All consumers have access to markets for consumer financial 
products and services; and
    ii. Markets for consumer financial products and services are fair, 
transparent, and competitive.
    b. The statutory objectives set forth in section 1021(b) are:
    i. Consumers are provided with timely and understandable 
information to make responsible decisions about financial transactions;
    ii. Consumers are protected from unfair, deceptive, or abusive acts 
and practices and from discrimination;
    iii. Outdated, unnecessary, or unduly burdensome regulations are 
regularly identified and addressed in order to reduce unwarranted 
regulatory burdens;
    iv. Federal consumer financial law is enforced consistently in 
order to promote fair competition; and
    v. Markets for consumer financial products and services operate 
transparently and efficiently to facilitate access and innovation.
    4. Pilots, field tests, demonstrations, or other activities that 
the Bureau could launch to better quantify benefits and costs of 
potential revisions to the Adopted Regulations, or to make compliance 
with the Adopted Regulations more efficient and effective.
    5. Areas where the Bureau has not exercised the full extent of its 
rulemaking authority in connection with a specific Adopted Regulation 
or with regard to rulemaking authorities created by the Dodd-Frank Act 
under

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the Federal consumer financial laws, and where rulemaking would be 
beneficial and align with the purposes and objectives of the applicable 
Federal consumer financial laws.

    Authority:  12 U.S.C. 5511(c).

    Dated: March 14, 2018.
Mick Mulvaney,
Acting Director, Bureau of Consumer Financial Protection.
[FR Doc. 2018-05612 Filed 3-20-18; 8:45 am]
BILLING CODE 4810-AM-P