Agencies update spring rulemaking agendas

The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data. The bureau is also in the early stages of its Section 1033 rulemaking, which addresses consumer access to financial records. The CFPB noted that it intends to issue a Small Business Regulatory Enforcement Fairness Act outline for that rule in November.

Other CFPB rulemakings on the agenda include: a December proposed rule for implementing FIRREA amendments for quality control standards for automated valuation models; a May 2023 proposed rule for Property Assessed Clean Energy financing; and a June 2022 final rule implementing a National Defense Authorization Act amendment to the Fair Credit Reporting Act to prohibit adverse information on credit reports regarding human trafficking. A CFPB rulemaking on overdraft was moved to a list of “inactive” rulemakings.

Meanwhile, the Financial Crimes Enforcement Network’s agenda included a number of planned rulemaking activities, including final rules on requirements for certain transactions involving convertible virtual currency or digital assets (which is slated for March 2023) and Section 6212 of the Anti-Money Laundering Act of 2020, which would establish a pilot program to allow financial institutions to share suspicious activity report information with foreign branches, subsidiaries and affiliates. Several other AMLA provisions are also in the proposed rule stage.

The rulemaking agenda also noted that “further action” on the interagency Community Reinvestment Act rule is expected, but lists a June 2022 date (though comments are not due until Aug. 5). Additionally, the Department of Labor said it expects to propose its overtime rule in October.