[Federal Register Volume 86, Number 144 (Friday, July 30, 2021)]
[Unknown Section]
[Pages 41318-41322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14877]



[[Page 41317]]

Vol. 86

Friday,

No. 144

July 30, 2021

Part XXI





Bureau of Consumer Financial Protection





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Semiannual Regulatory Agenda

  Federal Register / Vol. 86, No. 144 / Friday, July 30, 2021 / UA: Reg 
Flex Agenda  

[[Page 41318]]


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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 2021 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, 2021 to April 30, 2022. The 
next agenda will be published in Fall 2021 and will update this agenda 
through Fall 2022. 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 April 26, 2021.

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 2021 
Agenda as part of the Spring 2021 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, 2021 to April 30, 2022, as 
described further below.\1\ 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. The Bureau is reporting information for this 
Unified Agenda in a manner consistent with past practice.
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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, consumer 
education, 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(a) 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.
    In addition, section 1021 of the Dodd-Frank Act specifies the 
objectives of the Bureau, including ensuring that, with respect to 
consumer financial products and services, consumers are provided with 
timely and understandable information to make responsible decisions 
about financial transactions; consumers are protected from unfair, 
deceptive, or abusive acts and practices and from discrimination; 
outdated, unnecessary, or unduly burdensome regulations are regularly 
identified and addressed in order to reduce unwarranted regulatory 
burdens; 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 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 the continuation of 
certain ongoing rulemakings and a new rulemaking on mortgage servicing 
to provide relief for consumers facing hardship due to COVID-19 and the 
related economic crisis. Those projects are described further below. 
The Bureau expects that its new Director, when confirmed, will assess 
further what regulatory actions the Bureau should prioritize to best 
further our consumer protection mission and mandate, particularly in 
light of the ongoing pandemic and resulting economic crisis and the 
Bureau's commitment to promoting racial equity. Accordingly, the Bureau 
anticipates that the Fall 2021 Agenda will reflect the permanent Bureau 
Director's priorities. In the meantime, the Bureau's Acting Director 
has decided to reclassify as ``inactive'' or ``withdrawn'' certain 
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 in the coming months. 
This change in designation is not intended to signal a substantive 
decision on the merits of the projects but may reflect a change in 
priority.

Continuation of Bureau Regulatory Efforts in Various Consumer Markets

    The Bureau is continuing to work on a number of rulemakings to 
address important consumer protection issues in a wide variety of 
markets for consumer financial products and services, including 
mortgages, debt collection, and small business lending, among others. 
The Bureau is mindful of how critically important these rulemakings are 
in light of the dire financial circumstances so many Americans find 
themselves in and of the impact of the pandemic and the resulting 
financial crisis on millions of consumers and small businesses. The 
Bureau is also mindful that the data show that these hardships fall 
disproportionately on families and small businesses in communities of 
color.
    For example, section 1071 of the Dodd-Frank Act amended the Equal 
Credit Opportunity Act to require, subject to rules prescribed by the 
Bureau, financial institutions to collect, report, and make public 
certain information concerning credit applications made by women-owned, 
minority-owned, and small businesses. Congress enacted section 1071 for 
the purpose of (1) Facilitating enforcement of fair lending laws and 
(2) enabling communities, governmental entities, and creditors to 
identify business and community development needs and opportunities for 
women-owned, minority-owned, and small businesses.
    Bureau research shows that small businesses play a key role in 
fostering community development and fueling economic growth, and that 
women-owned and minority-owned small businesses in particular play an 
important role in supporting their local communities. To contribute 
meaningfully to the U.S. economy and to their local community, small 
businesses--and especially women-owned and minority-owned small 
businesses--need access to credit to smooth business cash flows from 
current operations and to allow entrepreneurs to take advantage of 
opportunities for growth. This access to credit will be especially 
important as the nation works to rebuild the economy. The Bureau's 
section 1071 rule, when final, will be critical to enabling the Bureau 
to protect small business owners, including from unlawful 
discrimination, in their access to and use of credit.
    In September 2020, the Bureau released an outline of proposals 
under

[[Page 41319]]

consideration and alternatives considered in advance of convening a 
panel under the Small Business Regulatory Enforcement Fairness Act 
(SBREFA), in conjunction with the Office of Management and Budget and 
the Small Business Administration's Chief Counsel for Advocacy. The 
SBREFA panel was convened in October 2020 and received feedback from 
representatives of small entities on the impacts possible approaches to 
the section 1071 rulemaking would have on small entities likely to be 
directly affected by it. The panel's report was completed and released 
in December 2020. The Bureau's next action for section 1071 is to 
release a Notice of Proposed Rulemaking.
    The Bureau is also working on a rulemaking to address the 
availability of consumer financial account data in electronic form, 
which has helped consumers understand their finances and make better-
informed financial decisions in a variety of ways. Research has 
indicated that the availability of certain consumer financial account 
data may improve underwriting and expand access to credit. At the same 
time, the means by which these data are accessed, transmitted, stored, 
and used by financial institutions of all kinds can implicate 
significant privacy, security, racial equity, and other consumer 
financial protection concerns. Furthermore, consumer access to their 
own financial data can foster improved transparency in credit decisions 
that affect consumers, including small and very small businesses 
relying on consumer credit access, and provide some protection against 
poor credit ratings based on serious errors in credit reports. This 
ability of consumers to access this information is particularly 
important at a time when financial institutions are increasingly using 
``alternative data'' in making credit decisions. The Bureau supports 
innovation and believes that appropriate implementation of section 1033 
can lead to competitive, consumer-friendly markets, while recognizing 
the importance of ensuring the safety and security of consumer account 
data. Section 1033 of the Dodd-Frank Act provides that, subject to 
rules prescribed by the Bureau, covered persons shall make available to 
consumers, upon request, transaction data and other information 
concerning a consumer financial product or service that the consumer 
obtains from a covered person. Section 1033 also states that the Bureau 
shall prescribe by rule standards to promote the development and use of 
standardized formats for information made available to consumers. In 
November 2016, the Bureau released a Request for Information seeking 
comment from the public to better understand the consumer benefits and 
risks associated with market developments that rely on access to 
consumer financial account and account-related information. In October 
2017, the Bureau released Consumer Protection Principles for Consumer-
Authorized Financial Data Sharing and Aggregation to express the 
Bureau's vision for the data aggregation market. The Bureau hosted a 
symposium on consumer authorized financial data sharing in February 
2020. In November 2020, the Bureau released an Advance Notice of 
Proposed Rulemaking (ANPRM) concerning consumer data access to 
implement section 1033, accepting comments until early February 2021. 
The Bureau is reviewing comments received in response to the ANPRM and 
is considering those comments as it assesses potential next steps.
    Next, the Bureau is working to implement section 307 of the 
Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 
(EGRRCPA), Public Law 115-174, 132 Stat. 1297, which amends the Truth 
in Lending Act (TILA) to mandate that the Bureau prescribe certain 
regulations relating to ``Property Assessed Clean Energy'' (PACE) 
financing. PACE financing is a tool for consumers to finance certain 
improvements to residential real property. It is authorized by State 
and local governments and is typically available for projects promoting 
energy and water conservation, among other public policy goals 
identified in state statute. PACE is a hybrid product, with 
characteristics of both home equity lending and real property taxes. 
Like home equity loans, PACE obligations arise through voluntary 
contract and are secured by real property. But, under State law, they 
are billed and repaid as special property tax assessments and typically 
secured by a lien with equal priority to real property taxes. As 
defined by EGRRCPA section 307, PACE financing results in a tax 
assessment on a consumer's real property and covers the costs of home 
improvements. EGRRCPA section 307 states that the Bureau's PACE 
regulations shall carry out the purposes of TILA's ability-to-repay 
(ATR) requirements for residential mortgage loans and apply TILA's 
general civil liability provision for violations of the ATR 
requirements. The regulations must ``account for the unique nature'' of 
PACE financing. Section 307 of the EGRRCPA also specifically authorizes 
the collection of data and information necessary to support a PACE 
rulemaking. In March 2019, the Bureau released an ANPRM and is 
continuing to engage with stakeholders and collect information for the 
rulemaking, including by collecting quantitative data on the effect of 
PACE on consumers' financial outcomes.
    The Bureau is also participating in interagency rulemaking 
processes with the Board of Governors of the Federal Reserve System 
(Board), the Office of the Comptroller of the Currency, the Federal 
Deposit Insurance Corporation, the National Credit Union 
Administration, and the Federal Housing Finance Agency to develop 
regulations to implement the amendments made by the Dodd-Frank Act to 
the Financial Institutions Reform, Recovery, and Enforcement Act of 
1989 (FIRREA) concerning appraisals. The FIRREA amendments require 
implementing regulations for quality control standards for automated 
valuation models (AVMs). These standards are designed to ensure a high 
level of confidence in the estimates produced by the valuation models, 
protect against the manipulation of data, seek to avoid conflicts of 
interest, require random sample testing and reviews, and account for 
any other such factor that the Agencies determine to be appropriate. 
The Agencies will continue to work to develop a proposed rule to 
implement the Dodd-Frank Act's AVM amendments to FIRREA.
    The Bureau is also continuing a rulemaking to address the 
anticipated expiration of the LIBOR index, which the UK Financial 
Conduct Authority has stated that it cannot guarantee the publication 
of beyond June 2023. This rulemaking is important for millions of 
consumers who have adjustable-rate mortgages, credit cards, student 
loans, reverse mortgages, home equity lines of credit (HELOCs), or 
other consumer products that are tied to the LIBOR index. The 
rulemaking would help to ensure that any changes to an index underlying 
these loans as a result of the transition to a different index due to 
the discontinuation of LIBOR are done by industry in an orderly, 
transparent, and fair manner. The Bureau's work is designed to 
facilitate compliance by open-end and closed-end creditors and to 
lessen the financial impact to consumers by providing examples of 
replacement indices that meet Regulation Z requirements. For creditors 
for HELOCs (including reverse mortgages) and card issuers for credit 
card accounts, the rule would facilitate the transition of existing 
accounts to an

[[Page 41320]]

alternative index, beginning around April 2022, well in advance of 
LIBOR's anticipated expiration. The rule also would address change-in-
terms notice provisions for HELOCs and credit card accounts and how 
they apply to the transition away from LIBOR, to ensure that consumers 
are informed of the replacement index and any adjusted margin. To 
facilitate compliance by card issuers, the rule would address how the 
rate re-evaluation provisions applicable to credit card accounts apply 
to the transition from LIBOR to a replacement index. This rulemaking 
will enable the Bureau to facilitate compliance by creditors with 
Regulation Z as they transition away from LIBOR. The Bureau issued a 
Notice of Proposed Rulemaking (NPRM) in June 2020 and expects to issue 
a final rule in January 2022.

Rulemakings To Extend Compliance or Effective Dates

    The Bureau has proposed to extend the mandatory compliance date or 
effective date of certain final rules issued in 2020. First, the Bureau 
proposed on March 5, 2021, to extend the mandatory compliance date for 
a final rule issued in late 2020 amending the ``qualified mortgages'' 
(QM) provisions of Regulation Z, which implements TILA, to ensure 
homeowners struggling with the financial impacts of the COVID-19 
pandemic, as well as lenders, have the options they need to help people 
stay in their homes and to ensure the availability of responsible, 
affordable mortgages.
    The General QM final rule is part of the CFPB's work to protect 
homeowners from debt traps and unaffordable, irresponsible mortgage 
loans. With certain exceptions, Regulation Z requires creditors to make 
a reasonable, good-faith determination of a consumer's ability to repay 
any residential mortgage loan, and loans that meet Regulation Z's 
requirements for a QM obtain certain protections from liability. One 
category of QMs covers certain loans that are eligible for purchase or 
guarantee by either the Federal National Mortgage Association (Fannie 
Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Under 
Regulation Z, this category of QMs (Temporary GSE QM or ``Patch'' 
loans) was scheduled to expire no later than January 10, 2021. The 
Bureau issued a final rule in October 2020, to extend the Patch so that 
it would expire on the mandatory compliance date of final amendments to 
the General QM loan definition in Regulation Z, or when the GSEs cease 
to operate under the conservatorship of the FHFA, if that happens 
earlier. This would help ensure a smooth and orderly transition away 
from the Patch by (among other things) allowing the Bureau to complete 
this rulemaking and to avoid any gap between the expiration of the 
Patch and the effective date of the proposed alternative. In December 
2020, the Bureau finalized a new ``seasoning'' definition of QM which 
created an alternative pathway to QM safe-harbor status for certain 
mortgages when the borrower has consistently made timely payments for a 
period. Also in December 2020, the Bureau finalized amendments to the 
definition of General QM that removed the 43 percent debt-to-income 
(DTI) requirement and instead established a pricing threshold (i.e., 
the difference between the loan's annual percentage rate (APR) and the 
average prime offer rate for a comparable transaction) for loans to 
qualify as QMs. General QM loans still have to meet the statutory 
criteria for QM status, including restrictions related to loan 
features, up-front costs, and underwriting. The mandatory compliance 
date of the General QM final rule was July 1, 2021. However, in March 
2021, the Bureau issued a proposed rule that would extend the mandatory 
compliance date until October 1, 2022, which would also have the effect 
of extending the availability of both the GSE Patch and the old, DTI-
based General QM definition until that date. The purpose of the 
proposed extension is to help ensure flexibility and access to 
responsible, affordable mortgage credit for consumers affected by the 
COVID-19 pandemic by continuing until that date the availability of all 
three QM definitions. The Bureau expects to issue a final rule as to 
the extension of the mandatory compliance date this spring.
    Second, the Bureau issued on April 19 a proposed rule to extend the 
effective date of two final rules issued in late 2020 to implement the 
Fair Debt Collection Practices Act (FDCPA). In October 2020, the Bureau 
issued a final rule prescribing rules under Regulation F to govern the 
activities of debt collectors, as that term is defined under the FDCPA. 
That final rule focused primarily on debt collection communications and 
addressed a number of other topics, including imposing record retention 
requirements and prohibiting the sale or transfer of certain types of 
debt. In December 2020, the Bureau issued a second final rule under 
Regulation F addressing disclosures related to the validation notice, 
requiring certain outreach by debt collectors before consumer 
reporting, and barring suits or threats of suit on time-barred debt. 
Both final rules are scheduled to take effect on November 30, 2021. The 
Bureau recently proposed to extend by 60 days the effective date of 
those final rules in light of the continuation well into 2021 of the 
widespread societal disruption caused by the COVID-19 pandemic. In 
light of that disruption, the Bureau believes that providing additional 
time for stakeholders to review and, if applicable, to implement the 
final rules may be warranted. The Bureau's next action is a final rule 
on whether and for how long to extend the effective date of these final 
rules after reviewing the comments submitted to the docket.

New Projects and Planning for Future Rulemakings

    On April 5, 2021, the Bureau published an NPRM to propose 
amendments to the mortgage servicing early intervention and loss 
mitigation-related provisions in Regulation X, which implements the 
Real Estate Settlement Procedures Act. The NPRM aims to help ensure 
that mortgage borrowers are evaluated for loss mitigation before 
servicers initiate the foreclosure process and to avert, to the extent 
possible, a foreclosure crisis when the COVID-19 forbearances end. 
Taking these measures to protect homeowners is especially important in 
the context of a pandemic that makes housing security not just a 
financial but also a public health priority, particularly for 
communities of color and lower income communities that have been 
hardest hit both by COVID-19 and by the related economic crisis.
    The Bureau is also actively reviewing existing 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 and publish a report of each 
assessment not later than five years after the effective date of the 
subject matter or order. The Bureau is currently considering whether 
its rule implementing the Home Mortgage Disclosure Act, most of which 
became effective in January 2018, will require such an assessment and 
report.
    The Regulatory Flexibility Act (RFA) also requires the Bureau to 
consider the effect on small entities of certain rules it promulgates. 
The Bureau published in May 2019, its plan for conducting reviews, 
consistent with section 610 of the RFA, of certain regulations which 
are believed to have a significant impact on a substantial number of 
small entities. Congress specified that the

[[Page 41321]]

purpose of these reviews is to determine whether such rules should be 
continued without change, or should be amended or rescinded, consistent 
with the stated objectives of the applicable statutes, to minimize any 
significant economic impact of the rules upon a substantial number of 
such small entities. In August 2020, the Bureau commenced its RFA 
section 610 review of Regulation Z rules that implement the Credit Card 
Accountability Responsibility and Disclosure Act of 2009. Specifically, 
the Bureau will review an interim final rule and three final rules 
published by the Board from July 2009 to April 2011. This review will 
be completed in the spring of 2021, and the Bureau will publish its 
determination concerning any resulting changes to the rule, in the Fall 
2021 Unified Agenda.
    Finally, as required by the Dodd-Frank Act, the Bureau is 
continuing to monitor markets for consumer financial products and 
services to identify risks to consumers and the proper functioning of 
such markets. As discussed in a recent report by the Government 
Accountability Office, the Bureau's Division of Research, Markets, and 
Regulations and specifically its Markets Offices continuously monitor 
market developments and risks to consumers. The Bureau also has created 
a number of cross-Bureau working groups focused around specific markets 
which advance the Bureau's market monitoring work. The Bureau's market 
monitoring work assists in identifying issues for potential future 
rulemaking work.

    Dated: March 17, 2021.
Susan M. Bernard,
Assistant Director for Regulations, Bureau of Consumer Financial 
Protection.

        Consumer Financial Protection Bureau--Proposed Rule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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294.......................  Business Lending Data              3170-AA09
                             (Regulation B).
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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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295.......................  Debt Collection Rule......         3170-AA41
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Proposed Rule Stage

294. 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) amended the Equal Credit 
Opportunity Act (ECOA) to require, subject to rules prescribed by the 
Bureau, financial institutions to report information concerning credit 
applications made by women-owned, minority-owned, and small businesses. 
ECOA is a critical law that protects small business owners, including 
from unlawful discrimination, in their access to and use of credit. 
Section 1071 requires that certain data be collected, maintained, and 
reported to the Bureau, including whether the applicant is a women-
owned, minority-owned, or small business; 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 respect to the application and the date 
of such action; the census tract of the applicant's principal place of 
business; the gross annual revenue of the business; and the race, sex, 
and ethnicity of the principal owners of the business. Section 1071 
also provides authority for the Bureau to require any additional data 
that the Bureau determines would aid in fulfilling its statutory 
purposes. The Bureau may adopt exceptions to any requirement of section 
1071 and may exempt any financial institution from its requirements, as 
the Bureau deems necessary or appropriate to carry out section 1071's 
purposes. 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. In November 2019, the 
Bureau hosted a symposium on small business data collection to 
facilitate its decision-making. In addition, in July 2020, the Bureau 
released a survey of lenders to obtain estimates of one-time costs 
lenders of varying sizes would incur to collect and report data 
pursuant to section 1071. In September 2020, the Bureau released an 
outline of proposals under consideration and alternatives considered in 
advance of convening a panel under the Small Business Regulatory 
Enforcement Fairness Act (SBREFA), in conjunction with the Office of 
Management and Budget and the Small Business Administration's Chief 
Counsel for Advocacy. The SBREFA panel was convened in October 2020 and 
received feedback from representatives of small entities on the impacts 
the rules the Bureau is considering to implement section 1071 would 
have on small entities likely to be directly affected by the 
rulemaking. The panel's report was completed and released in December 
2020. The Bureau's next step for section 1071 is to release a Notice of 
Proposed Rulemaking. Consistent with its statutory purposes, an 
eventual section 1071 rule will facilitate enforcement of fair lending 
laws as well as enable communities, governmental entities, and 
creditors to identify business and community development needs and 
opportunities of women-owned, minority-owned, and small businesses.
    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.
SBREFA Outline......................   09/15/20
Pre-rule Activity--SBREFA Report....   12/14/20
NPRM................................   09/00/21
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kristine Andreassen, Office of Regulations, 
Consumer Financial Protection Bureau,

[[Page 41322]]

Washington, DC 20552, Phone: 202 435-7700.
    RIN: 3170-AA09

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Final Rule Stage

295. Debt Collection Rule

    Legal Authority: 15 U.S.C. 1692l(d)
    Abstract: In May 2019, the Bureau issued a Notice of Proposed 
Rulemaking (NPRM), which would prescribe rules under Regulation F to 
govern the activities of debt collectors, as that term is defined under 
the Fair Debt Collection Practices Act (FDCPA). The Bureau proposed, 
among other things, to address communications in connection with debt 
collection; interpret and apply prohibitions on harassment or abuse, 
false or misleading representations, and unfair practices in debt 
collection; and clarify requirements for certain consumer-facing debt 
collection disclosures. The proposal built on the Bureau's research and 
pre-rulemaking activities regarding the debt collection market, 
including convening a panel in August 2016 under the Small Business 
Regulatory Enforcement Fairness Act (SBREFA) in conjunction with the 
Office of Management and Budget and the Small Business Administration's 
Chief Counsel for Advocacy. The Bureau also engaged in testing of time-
barred debt disclosures that were not addressed in the May 2019 
proposed rule. In early 2020, after completing the testing, the Bureau 
issued a supplemental NPRM related to time-barred debt disclosures. In 
October 2020, the Bureau issued a final rule that focused primarily on 
debt collection communications and addressed a number of other topics, 
including imposing record retention requirements and prohibiting the 
sale or transfer of certain types of debt. In December 2020, the Bureau 
issued a final rule addressing disclosures related to the validation 
notice, requiring certain outreach by debt collectors before consumer 
reporting, and barring suits or threats of suit on time-barred debt. 
Both final rules are scheduled to take effect on November 30, 2021. In 
April 2021, in light of the continuation well into 2021 of the 
widespread societal disruption caused by the COVID-19 pandemic, the 
Bureau issued a NPRM to extend the effective date of both rules by 60 
days and anticipates that its next action will be a final rule as to 
the effective date.
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
ANPRM...............................   11/12/13  78 FR 67847
ANPRM Comment Period Extended.......   01/14/14  79 FR 2384
ANPRM Comment Period End............   02/10/14
ANPRM Comment Period Extended End...   02/28/14
Pre-Rule Activity--SBREFA Outline...   07/28/16
NPRM................................   05/21/19  84 FR 23274
NPRM Comment Period Extended........   08/02/19  84 FR 37806
NPRM Comment Period End.............   08/19/19
NPRM Comment Period Extended End....   09/18/19
Supplemental NPRM...................   03/03/20  85 FR 12672
Supplemental NPRM Comment Period       03/27/20  85 FR 17299
 Extended.
Supplemental NPRM Comment Period       08/04/20
 Extended End.
Final Rule 1........................   11/30/20  85 FR 76734
Final Rule 2--Disclosures...........   01/19/21  86 FR 5766
NPRM--Effective Date Extension......   04/19/21  86 FR 20334
Final Rule--Effective Date Extension   06/00/21
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Kristin McPartland, Office of Regulations, Consumer 
Financial Protection Bureau, Washington, DC 20552, Phone: 202 435-7700.
    RIN: 3170-AA41

[FR Doc. 2021-14877 Filed 7-29-21; 8:45 am]
BILLING CODE 4810-AM-P