CFPB Updates Rulemaking Agenda for Fall 2018

The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for the remainder of 2018. Significantly, the bureau moved its rulemaking on small business lending data collection to its “long-term actions” list, which also includes plans for a rulemaking to define abusive acts and practices and a rulemaking regarding consumer access to financial records. In the nearer term, the bureau projected that a proposed rule on small dollar lending will be issued in January and that a proposed rule to update the Fair Debt Collection Practices Act will be published in March.

The CFPB is also continuing work to implement S. 2155, the new regulatory reform law, with plans to issue rulemakings that will provide an exemption from Dodd-Frank’s mortgage escrow requirements for certain creditors with assets of $10 billion or less and develop standards for assessing consumers’ ability to repay Property Assess Clean Energy loans. It also expects to issue in March a proposal “to address some or all” of the issues related to various HMDA projects under consideration, such as revisiting the discretionary data added in the 2015 HMDA rule.