Agencies Update Rulemaking Schedules

The federal regulatory agencies last week updated their rulemaking agendas for the remainder of 2017 and into 2018. In introducing the agendas, the Office of Management and Budget’s Office of Information and Regulatory Affairs noted that all federal regulators have been directed to reevaluate and eliminate burdensome regulations and reiterated the Trump administration’s position that guidance, FAQs and other sub-regulatory actions should not be used to impose new or additional legal obligations or requirements.

According to the schedules, the CFPB will conduct a review of inherited regulations, with a particular focus on open-end credit, including credit cards. As part of that effort, the CFPB will consider rules to modernize its database of credit card agreements and make the database more useful to the industry and the public. The bureau will also be in the “pre-rule activities” stage on small business lending data and overdrafts throughout 2018.

Additionally, the bureau is targeting February 2018 for a proposed rule on third-party debt collection, May 2018 for a proposed rule on the supervision of larger market participants in markets for personal loans and December 2018 for a proposed HMDA rule on making permanent the adjusted threshold for collecting and reporting data on open-end lines of credit.

Meanwhile, the Financial Crimes Enforcement Network expects to issue technical amendments to customer due diligence requirements. The Federal Reserve, FDIC and OCC are planning to issue a final rule expanding the current exemption for appraisals of commercial properties, and a final rule to implement the Basel net stable funding ratio standards. The OCC and FDIC also plan to issue a final rule that would shorten the standard settlement cycle for certain securities purchased or sold by national banks, federal savings associations and FDIC-supervised institutions.

The Department of Labor is projecting October 2018 for issuing a proposed rule on the salary level for the executive, administrative, and professional employee exemptions to the overtime and minimum wage requirements of the Fair Labor Standards Act. For more information, contact ABA’s Virginia O’Neill or Jonathan Thessin.