CFPB Shows No Signs of Lessening Pace of Reforms

The Consumer Financial Protection Bureau (“CFPB”) issued an update to its rulemaking agenda showing that 2014 will involve significant reform efforts across numerous industries. Although the CFPB has hinted at pending changes to industries such as debt collection, the ambitious agenda for 2014 shows that consumer finance professionals will see additional mortgage-related regulations, as well as new rules for payday loans, student loans, and bank overdraft fees. The press release explains that the CFPB is continuing to work on rules mandated by the Dodd-Frank Act, as well as addressing other issues in “major markets for consumer financial products and services.”

A review of the CFPB’s rulemaking agenda reveals plans to “clean-up” some mortgage rules, including specific additional updates to Regulations X and Z stemming from the 2013 mortgage rules. The CFPB did not provide a target date for debt collection rules but said that these will be on the to-do list during 2014. The CFPB provided specific dates for rules in the following areas:

  • Home Mortgage Disclosure Act (Regulation C): Target date of February 2014
  • Prepaid cards (Regulation E): Target date of May 2014
  • Expedited Funds Availability Act (Regulation CC): Target Date of June 2014
  • Overdraft Rules: Target Date of July 2014
  • Payday Lending: Target Date March 2014
  • Deposit Advances: Target Date of March 2014

In addition to new rules, the CFPB will likely continue to modify and update existing rules and guidance during the New Year. Please contact Spilman or other knowledgeable counsel with any questions about your compliance timetable.

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by R. Scott Adams

R. Scott Adams

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