The Biden administration issued its spring 2023 semiannual regulatory agenda on Tuesday—a semiannual listing of rulemakings that departments and agencies expect to initiate or continue during the next six months. The agenda is current as of May 31, 2023.
Since the last rulemaking agenda released in January 2023, the Consumer Financial Protection Bureau (CFPB) added one new item to its Spring 2023 rulemaking agenda—a rule to supervise nonbank larger participants in the market for consumer payments. The CFPB projects July 2023 to issue a proposed rule on this item.
The CFPB continued to project that it will commence “pre-rule activity” in November to examine whether overdraft fees are finance charges, which would subject the fees to the requirements of Regulation Z. The American Bankers Association has consistently opposed any suggestion that overdraft fees are subject to Reg Z under the applicable statute. The bureau also continues to project that it will commence pre-rule activity in November to “consider new rules regarding NSF fees.” The CFPB did not indicate which rules it may be contemplating.
The CFPB projects October 2023 for issuing a final rule to amend the rules implementing the CARD Act relating to restrictions on credit card penalty fees, including the safe harbors. The CFPB continues to projects November 2023 for pre-rule activity on amending Regulation V, the regulation that implements the Fair Credit Reporting Act. The bureau still has not said which rules it is contemplating for Regulation V.
The Financial Crimes Enforcement Network projects that in September it will issue a final rule on access to the beneficial ownership registry. It also expects to issue in November a notice of proposed rulemaking amending the customer due diligence final rule.
The Labor Department projected August for issuance of a proposed rule to “update” the salary level used to determine whether an employee is subject to federal minimum wage and overtime requirements. This reflects a delay from DOL’s earlier projection of April for issuance of a proposed rule.
