The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for the remainder of 2018. Significantly, the bureau removed from the list its plans to pursue a rulemaking related to overdraft, which the American Bankers Association has strongly urged the bureau to do in previous comments, noting that there was no evidence to support additional regulatory activity in this area.
In June, the CFPB expects to issue a final rule on Regulation P, which will incorporate a new legal exception to the annual privacy notice banks are required to send. The bureau will also propose a joint rule with the Federal Reserve board that would implement section 1068 of the Dodd-Frank Act.
Looking ahead to 2019, the CFPB anticipates issuing a proposed rule on HMDA in January and a proposed rule on small-dollar lending in February. In March, the bureau will begin pre-rulemaking activities on its small business lending rule, propose a rule on third-party debt collection and issue a final rule on the disclosure of confidential information.
