[Federal Register Volume 83, Number 112 (Monday, June 11, 2018)]
[Proposed Rules]
[Pages 27234-27236]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11229]



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Vol. 83

Monday,

No. 112

June 11, 2018

Part XXII





 Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 83 , No. 112 / Monday, June 11, 2018 / 
Unified Agenda  

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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 (Bureau) is 
publishing this agenda as part of the Spring 2018 Unified Agenda of 
Federal Regulatory and Deregulatory Actions. The Bureau reasonably 
anticipates having the regulatory matters identified below under 
consideration during the period from May 1, 2018, to April 30, 2019. 
The next agenda will be published in fall 2018 and will update this 
agenda through fall 2019. 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 March 15, 2018.

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. If you require this document in an 
alternative electronic format, please contact 
[email protected].

SUPPLEMENTARY INFORMATION: The Bureau is publishing its spring 2018 
Agenda as part of the Spring 2018 Unified Agenda of Federal Regulatory 
and Deregulatory Actions, which is coordinated by the Office of 
Management and Budget under Executive Order 12866. The agenda lists the 
regulatory matters that the Bureau reasonably anticipates having under 
consideration during the period from May 1, 2018, to April 30, 2019, as 
described further below.\1\ The Bureau's participation in the Unified 
Agenda is voluntary. The complete Unified Agenda is available to the 
public at the following website: http://www.reginfo.gov.
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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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    Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, 124 Stat. 1376 (Dodd-Frank Act), 
the Bureau has rulemaking, supervisory, enforcement, and other 
authorities relating to consumer financial products and services. These 
authorities include the authority to issue regulations under more than 
a dozen Federal consumer financial laws, which transferred to the 
Bureau from seven Federal agencies on July 21, 2011. The Bureau's 
general purpose, as specified in section 1021 of the Dodd-Frank Act, is 
to implement and 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.
    The Bureau is working on various 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. Section 1021 of the Dodd-Frank Act specifies the 
objectives of the Bureau, including ensuring that consumers are 
provided with timely and understandable information to make responsible 
decisions about financial transactions; that consumers are protected 
from unfair, deceptive, or abusive acts and practices and from 
discrimination; that outdated, unnecessary, or unduly burdensome 
regulations are regularly identified and addressed in order to reduce 
unwarranted regulatory burden; that Federal consumer financial law is 
enforced consistently without regard to the status of a person as a 
depository institution in order to promote fair competition; and that 
markets for consumer financial products and services operate 
transparently and efficiently to facilitate access and innovation.
    The Bureau is under interim leadership pending the appointment and 
confirmation of a permanent director. In light of this status, Bureau 
leadership is prioritizing during coming months (a) Meeting specific 
statutory responsibilities; (b) continuing selected rulemakings that 
were already underway; and (c) reconsidering two regulations issued 
under the prior leadership. Those projects are described further below. 
The Bureau's Acting Director has decided to reclassify as ``inactive'' 
certain other rulemakings that had been listed in previous editions of 
the Bureau's Unified Agenda in the expectation that final decisions on 
whether and when to proceed with such projects will be made by the 
Bureau's next permanent director. This change in designation is not 
intended to signal a substantive decision on the merits of the 
projects. For similar reasons, and also in light of general directions 
by the Office of Management and Budget with regard to agencies' 
inclusion or exclusion of longer-term items, the Bureau has designated 
as ``inactive'' several items that were listed as potential long-term 
projects in the fall 2017 Unified Agenda.
    The Bureau has recently launched a ``call for evidence'' to ensure 
that the Bureau is fulfilling its proper and appropriate functions to 
best protect consumers. As part of that initiative, the Bureau is 
seeking public feedback with respect to the regulations that the Bureau 
inherited from other agencies as well as regulations that the Bureau 
has adopted. In addition, the Bureau is in the process of assessing the 
effectiveness of three rules pursuant to section 1022(d) of the Dodd-
Frank Act, and, as part of those assessments, has solicited and 
received public comment on recommendations for modifying, expanding, or 
eliminating those significant rules. In developing future regulatory 
agendas, the Bureau will carefully consider the feedback received 
through the call for evidence and the assessment project to identify 
areas in which rulemaking may be appropriate to achieve the Bureau's 
strategic goals and objectives.

Implementing Statutory Directives

    Much of the Bureau's rulemaking work is focusing on implementing 
directives mandated in the Dodd-Frank Act and other statutes. As part 
of these rulemakings, the Bureau is working to achieve the consumer 
protection objectives of the statutes while minimizing regulatory 
burden on financial services providers and facilitating a smooth 
implementation process for both industry and consumers.
    For example, the Bureau is conducting follow-up rulemakings as 
warranted to address issues that have arisen during the process of 
implementing various mortgage requirements under the Dodd-Frank Act. 
The Bureau recently issued a final rule to address certain narrow 
issues concerning the timing of providing mortgage servicing statements 
to consumers in bankruptcy. It also expects in May 2018, to issue a 
final rule to amend regulations that implement a Dodd-Frank Act 
requirement to consolidate various disclosures that consumers receive 
under the Real Estate Settlement Procedures Act (RESPA) and Truth in 
Lending Act (TILA) when applying for and closing a mortgage loan. 
Specifically, the follow-up rule addresses when a creditor may compare 
charges paid by or imposed on the consumer to amounts disclosed on a 
Closing Disclosure, instead of a Loan Estimate, to determine if an 
estimated

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closing cost was disclosed in good faith and if an increase may 
therefore be passed on to the consumer. The broader consolidated 
disclosures rule is the cornerstone of the Bureau's broader ``Know 
Before You Owe'' mortgage initiative.
    The Bureau is also working to implement section 1071 of the Dodd-
Frank Act, which amends the Equal Credit Opportunity Act to require 
financial institutions to collect, report, and make public certain 
information concerning credit applications made by women-owned, 
minority-owned, and small businesses. This rulemaking could provide 
important information about how these businesses--which are critical 
engines for economic growth--access credit. In 2017, the Bureau 
released a white paper summarizing preliminary research on the small 
business lending market and held a public hearing to gather feedback on 
related issues. The Bureau also issued a Request for Information 
seeking public comment on, among other things, the types of credit 
products offered and the types of data currently collected by lenders 
in this market and the potential complexity of, cost of, and privacy 
issues related to, small business data collection. The information 
received will help the Bureau determine how to implement the rule 
efficiently while minimizing burdens on lenders.

Continuation of Other Rulemakings

    The Bureau is also continuing certain other rulemakings to ensure 
that markets for consumer financial products and services operate 
transparently and efficiently and to address potential unwarranted 
regulatory burdens.
    For example, the Bureau has engaged in research and pre-rulemaking 
activities regarding the debt collection market, which continues to be 
a top source of complaints to the Bureau. The Bureau has also received 
encouragement from industry to engage in rulemaking to resolve 
conflicts in case law and address issues of concern under the Fair Debt 
Collection Practices Act (FDCPA), such as the application of the FDCPA 
to modern communication technologies under the 40-year-old statute. The 
Bureau released an outline of proposals under consideration in July 
2016, concerning practices by companies that are debt collectors under 
the FDCPA, in advance of convening a panel in August 2016, 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 
representatives of small businesses that might be affected by the 
rulemaking. The Bureau is preparing a proposed rule focused on FDCPA 
collectors that may address such issues as communication practices and 
consumer disclosures.
    The Bureau also announced in spring 2017, that it had launched the 
first in what it expects to be the first in a series of reviews of 
existing regulations that it inherited from other agencies through the 
transfer of authorities under the Dodd-Frank Act.\2\ The Bureau expects 
to focus its initial review on subparts B and G of Regulation Z, which 
implement the Truth in Lending Act with respect to open-end credit 
generally and credit cards in particular. For instance, the Bureau 
expects to consider adjusting rules concerning the database of credit 
card agreements that it is required to maintain under the Credit Card 
Accountability Responsibility and Disclosure Act of 2009 (CARD Act) to 
reduce burden on issuers that submit credit card agreements to the 
Bureau and make the database more useful for consumers and the general 
public. The Bureau expects to identify other opportunities to clarify 
ambiguities, address developments in the marketplace, and modernize or 
streamline the open-end credit provisions. Because of timing and 
resource considerations, the Bureau has reclassified the project as a 
long-term action. As noted above, the Bureau has also issued two 
Requests for Information seeking feedback on other potential revisions 
to both rules that the Bureau inherited from other Federal regulators 
and rules that the Bureau has issued over time, and may identify other 
projects for future regulatory agendas after reviewing the responses.
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    \2\ As noted in previous agendas, the Bureau had previously 
sought feedback on the inherited rules as a whole and identified and 
executed several burden reduction projects from that undertaking. 
See 76 FR 75825 (Dec. 5, 2011); see also 79 FR 64057 (Oct. 28, 
2014); 78 FR 25818 (May 3, 2013); 78 FR 18221 (Mar. 26, 2013). The 
Bureau believed the next logical step was to review individual 
regulations--or portions of large regulations--in more detail to 
identify opportunities to clarify ambiguities, address developments 
in the marketplace, or modernize or streamline provisions. The 
Bureau noted that other Federal financial services regulators have 
engaged in these types of reviews over time, and viewed such an 
initiative as a natural complement to its work to facilitate 
implementation of new regulations. See 83 FR 1968 (Jan. 12, 2018).
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    As noted above, Bureau leadership has decided to reclassify as 
``inactive'' certain other projects that had been listed in previous 
editions of the Bureau's Unified Agenda in the expectation that final 
decisions on whether and when to proceed with such rulemakings will be 
made by the Bureau's next permanent director. These projects include 
potential rulemakings regarding overdraft programs on checking accounts 
and to exercise the Bureau's authority, pursuant to section 1024 of the 
Dodd-Frank Act, to supervise certain non-depository institutions that 
offer personal loans by defining larger participants in that market.\3\ 
The decision to classify such projects as inactive is not intended as a 
decision on the merits.
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    \3\ Section 1024 of the Dodd-Frank Act authorizes the Bureau to 
supervise ``larger participants'' of markets for various consumer 
financial products and services as defined by Bureau rule. The 
Bureau had previously announced that it was preparing to conduct a 
rulemaking to define larger participants in the market for personal 
loans, including consumer installment loans and vehicle title loans, 
and considering whether rules to require registration of these or 
other non-depository lenders would facilitate supervision. The 
Bureau believes that further consideration of these issues should be 
postponed pending reconsideration of the Bureau's 2017 rule 
concerning payday, vehicle title, and certain high-cost installment 
loans as discussed further below.
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Reconsideration of Previous Rules

    The Bureau announced in December 2017, that it intends to open a 
rulemaking to reconsider various aspects of a 2015 final rule that 
amended regulations implementing the Home Mortgage Disclosure Act. The 
reconsideration could involve such issues as the institutional and 
transactional coverage tests and the rule's discretionary data points. 
The Bureau also expects the rulemaking to follow up on its action in 
August 2017, to amend Regulation C to increase the threshold for 
collecting and reporting data with respect to open-end lines of credit 
for a period of 2 years so that financial institutions originating 
fewer than 500 open-end lines of credit in either of the preceding 2 
years would not be required to begin collecting such data until January 
1, 2020. The Bureau indicated at the time of that initial rulemaking 
that it intended to conduct follow-up rulemaking in that interim period 
to consider whether to make permanent adjustments to the open-end 
threshold.
    The Bureau also announced in January 2018, that it intends to 
engage in a rulemaking to reconsider a 2017 rule titled Payday, Vehicle 
Title, and Certain High-Cost Installment Loans. Most provisions of that 
rule would not require compliance until August 2019. The Bureau also 
noted that it will entertain requests to waive the application deadline 
for preliminary approval to become a registered information system 
under that rule.

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Further Planning

    As required by the Dodd-Frank Act, the Bureau is continuing to 
monitor the functioning of markets for consumer financial products and 
services to identify risks to consumers and the proper functioning of 
such markets. Future regulatory agendas are expected to reflect this 
monitoring, the feedback received through the call for evidence 
initiative and the assessment project, and prioritization by the 
Bureau's next permanent director to determine which rulemakings are 
appropriate to achieve the Bureau's strategic goals and objectives.

    Dated: March 15, 2018.
 Kelly Thompson Cochran,
Assistant Director for Regulations, 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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250.......................  Business Lending Data              3170-AA09
                             (Regulation B).
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

250. Business Lending Data (Regulation B)

    E.O. 13771 Designation: Independent agency.
    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, maintained, 
and reported, including the number of the application and date the 
application was received; the type and purpose of the 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 issued a Request for Information in 2017 seeking public comment 
on, among other things, the types of credit products offered and the 
types of data currently collected by lenders in this market, and the 
potential complexity, cost of, and privacy issues related to, small 
business data collection. The information received will help the Bureau 
determine how to implement the rule efficiently while minimizing 
burdens on lenders.
    Timetable:

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               Action                    Date            FR Cite
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Request for Information.............   05/15/17  82 FR 22318
Request for Information Comment        09/14/17
 Period End.
Prerule Activities..................   03/00/19
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: James Wylie, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA09

[FR Doc. 2018-11229 Filed 6-8-18; 8:45 am]
 BILLING CODE 4810-AM-P