CFPB Updates Rulemaking Agenda

The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.

The bureau also provided projected dates for two HMDA-related actions. In March 2020, the bureau expects to finalize the permanent thresholds for reporting data on open-end lines of credit and closed-end mortgage loans. Later, in July 2020, the bureau projects it will issue proposed rules to govern the collection of HMDA data points and the disclosure of those data, so that the two issues can be considered concurrently.

In the nearer term, the bureau expects in December to issue a proposed rule to address the July 2020 expiration of the remittance rule’s temporary exception for insured depository institutions from the rule’s disclosure requirements. The bureau also states that it expects to take action in December on a limited extension of the expiration date of the “GSE patch,” as the bureau transitions away from the GSE QM loan category.

The bureau also expects to finalize in April 2020 its proposal to rescind the underwriting requirements in its 2017 payday rule. The CFPB did not indicate whether it would alter the payday rule’s payment provisions or exclude from the rule traditional consumer loans offered by banks, as ABA has urged.

In December, the bureau expects to begin pre-rule activities relating to “property assessed clean energy,” or PACE, loans and relating to the S. 2155 exemption from the escrow requirement for loans made by certain creditors with assets of $10 billion or less. The bureau is also anticipating an action related to the pending Fair Debt Collection Practice Act rulemaking in January, though it did not offer further details in the agenda.