CFPB Updates Rulemaking Agenda

The Consumer Financial Protection Bureau on Friday announced updates to its rulemaking agenda for fall 2021. The agenda is current as of Nov. 1, 2021.  Among the bureau’s priorities are the Dodd-Frank Act Section 1071 rulemaking. Comments on the proposed rule are currently being accepted through Jan. 6, 2022, and the CFPB will review those comments once the comment period closes.

The bureau also expects to begin pre-rule activity regarding consumer access to financial records in April 2022.The CFPB is reviewing comments received in response to an advanced notice of proposed rulemaking and is considering those comments as it assesses potential next steps, including whether a small business review panel is required. In October 2022, the bureau said it expects to begin pre-rule activity on property assesses clean energy, or PACE, financing. It is in the process of collecting information for the rulemaking, including quantitative data on the effect of clean energy financing on consumers’ financial outcomes.

The bureau said that in June 2022, it expects to submit a notice of proposed rulemaking on amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 regarding automated valuation models. The CFPB said it is working with the other federal banking agencies to develop regulations to implement the amendments made by the Dodd-Frank Act to FIRREA.

Notably, there were 14 rulemaking activities that were listed as “inactive” on the fall agenda, including a rulemaking on overdraft services.


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