On July 5, the White House Office of Information and Regulatory Affairs released its Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, or URA. This semi-annual report details each federal agency’s upcoming plans to issue or rescind regulations.
The Consumer Financial Protection Bureau’s agenda includes four proposed rule actions, addressing the Fair Credit Reporting Act, or FCRA, mortgage servicing, the Financial Data Transparency Act and consumer financial product contracts under Regulation AA. The bureau released the initial part of its FCRA rulemaking last month. According to the URA, it anticipates releasing the proposed rules for mortgage servicing and the Financial Data Transparency Act this month, with the Regulation AA proposal expected in September.
Several rulemakings have progressed to the final rule stage. The final rules on nonsufficient fund fees and Section 1033 data rights are projected for release in October. The final rule on overdraft fees is expected in January 2025, likely before Inauguration Day due to the possibility of a change in the administration.
In the Bank Secrecy Act/anti-money laundering space, the FDIC projects it will release a final rule on certain exemptions for suspicious activity reports this month. Other notable dates for BSA/AML actions include: July for federal banking agencies to issue a proposed rule to conform their respective rules to the Financial Crimes Enforcement Network’s recently-issued BSA program rule; August for FinCEN’s final AML/CFT rules applicable to investment advisers and certain real estate professionals, respectively; October for FinCEN’s revisions to the customer due diligence rule; and May 2025 for FinCEN’s proposed rule on 314(b) information sharing protections.
The American Bankers Association is expected to publish a staff analysis on the Spring 2024 URA in the coming days.
