Bureau of Consumer Financial Protection – Federal Register Recent Federal Regulation Documents

Credit Union Advisory Council Meeting
Document Number: 2017-17713
Type: Notice
Date: 2017-08-22
Agency: Bureau of Consumer Financial Protection
Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Credit Union Advisory Council (CUAC or Council) of the Consumer Financial Protection Bureau (CFPB or Bureau). The notice also describes the functions of the Council.
Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)
Document Number: 2017-15764
Type: Rule
Date: 2017-08-11
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is modifying the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. This rule memorializes the Bureau's informal guidance on various issues and makes additional clarifications and technical amendments. This rule also creates tolerances for the total of payments, adjusts a partial exemption mainly affecting housing finance agencies and nonprofits, extends coverage of the TILA-RESPA integrated disclosure (integrated disclosure) requirements to all cooperative units, and provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process.
Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)
Document Number: 2017-15763
Type: Proposed Rule
Date: 2017-08-11
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The proposed amendments relate to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. Specifically, the proposed amendments would permit creditors to do so regardless of when the Closing Disclosure is provided relative to consummation.
Compliance Bulletin 2017-01: Phone Pay Fees
Document Number: 2017-16188
Type: Notice
Date: 2017-08-02
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB or Bureau) issues this Compliance Bulletin to provide guidance to covered persons and service providers regarding fee assessments for pay-by-phone services (phone pay fees) and the potential for violations of sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act) prohibition on engaging in unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) when assessing phone pay fees. This Bulletin also provides guidance to debt collectors about compliance with the Fair Debt Collection Practices Act (FDCPA) when assessing phone pay fees. This Bulletin summarizes the current law, highlighting relevant examples of conduct observed during supervisory examinations and enforcement investigations that may violate Federal consumer financial law. Whether conduct similar to the conduct described in this Bulletin violates these laws may depend on additional facts and analysis. The Bureau will closely review conduct related to phone pay fees for potential violations of Federal consumer financial laws.
Supplemental Standards of Ethical Conduct for Employees of the Bureau of Consumer Financial Protection
Document Number: 2017-15597
Type: Rule
Date: 2017-08-02
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau), with the concurrence of the Office of Government Ethics (OGE), is issuing a final rule amending the Supplemental Standards of Ethical Conduct for Employees of the Bureau of Consumer Financial Protection (CFPB Ethics Regulations) involving: Outside employment for covered employees; Bureau employees' ownership or control of certain securities; restrictions on seeking, obtaining, or renegotiating credit or indebtedness; disqualification requirements based on existing credit or indebtedness; and restrictions on participating in matters involving covered entities. The final rule also clarifies and makes minor revisions to certain definitions.
Agency Information Collection Activities: Comment Request; Correction
Document Number: 2017-15981
Type: Notice
Date: 2017-07-28
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection published a notice in the Federal Register of July 19, 2017 concerning a request for comments on the proposed extension without change of an Office of Management and Budget (OMB) control number. The OMB control number in the notice was incorrect.
Home Mortgage Disclosure (Regulation C) Temporary Increase in Institutional and Transactional Coverage Thresholds for Open-End Lines of Credit
Document Number: 2017-15220
Type: Proposed Rule
Date: 2017-07-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) proposes amendments to Regulation C that would, for a period of two years, increase the threshold for collecting and reporting data with respect to open-end lines of credit so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020.
Agency Information Collection Activities: Comment Request
Document Number: 2017-15110
Type: Notice
Date: 2017-07-19
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``CFPB's Consumer Response Intake Form.''
Agency Information Collection Activities: Comment Request
Document Number: 2017-15105
Type: Notice
Date: 2017-07-19
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``Generic Information Collection Plan for Consumer Complaint and Information Collection System (Testing and Feedback).''
Arbitration Agreements
Document Number: 2017-14225
Type: Rule
Date: 2017-07-19
Agency: Bureau of Consumer Financial Protection
Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to regulate arbitration agreements in contracts for specified consumer financial product and services. First, the final rule prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action concerning the covered consumer financial product or service. Second, the final rule requires covered providers that are involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau and also to submit specified court records. The Bureau is also adopting official interpretations to the regulation.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2017-14907
Type: Notice
Date: 2017-07-17
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is proposing to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``Fair Credit Reporting Act (Regulation V).''
Request for Information Regarding the Small Business Lending Market; Extension
Document Number: 2017-14599
Type: Notice
Date: 2017-07-12
Agency: Bureau of Consumer Financial Protection
On May 15, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information Regarding the Small Business Lending Market (RFI), which provides that comments must be received on or before July 14, 2017. On May 23, 2017, the Bureau received a letter from thirteen industry trade associations requesting a 60-day comment period extension for this RFI. The additional time is requested in order to develop meaningful responses to the RFI. The Bureau believes the extension will allow all stakeholders the opportunity to provide more robust responses that will further develop the Bureau's understanding of the small business lending market and support its rulemaking process to implement section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In response to this request, the Bureau has determined that a 60-day extension of the comment period is appropriate.
Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); Correction
Document Number: 2017-13796
Type: Rule
Date: 2017-07-05
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is making several corrections to the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules. First, the Bureau is correcting two typographical errors relating to the early intervention requirements. Second, the Bureau is making corrections relating to the effective date of official commentary relating to servicers' ability to remove certain language in periodic statement sample forms as an option when, for example, communicating with confirmed successors in interest; sample periodic statement forms that servicers may use for certain consumers in bankruptcy; and official commentary relating to the bankruptcy periodic statement exemptions and modified statements. The corrected effective date for the sample periodic statement forms and commentary will be April 19, 2018. Third, the Bureau is amending the Bureau's authority citation for Regulation Z.
Policy Guidance on Supervisory and Enforcement Priorities Regarding Early Compliance With the 2016 Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)
Document Number: 2017-13799
Type: Rule
Date: 2017-06-30
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (Bureau) is issuing policy guidance on its supervisory and enforcement priorities regarding early compliance with the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules.
Amendments to Rules Concerning Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)
Document Number: 2017-12845
Type: Proposed Rule
Date: 2017-06-29
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and Regulation Z, which implements the Truth in Lending Act, and the official interpretations to those regulations. This proposal relates to a final rule, published in the Federal Register on November 22, 2016, as amended on April 25, 2017, regarding prepaid accounts under Regulations E and Z. This proposal requests comment on potential modifications to several aspects of that rule, including error resolution and limitations on liability for prepaid accounts where the financial institution has not completed its consumer identification and verification process; application of the rule's credit-related provisions to digital wallets that are capable of storing funds; certain other clarifications and minor adjustments; and two issues relating to the effective date of the rule.
Agency Information Collection Activities: Comment Request
Document Number: 2017-11551
Type: Notice
Date: 2017-06-05
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting a new information collection, titled, ``Debt Collection Quantitative Disclosure Testing.''
Fair Lending Report of the Consumer Financial Protection Bureau, April 2017
Document Number: 2017-11318
Type: Notice
Date: 2017-06-01
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau) is issuing its fifth Fair Lending Report of the Consumer Financial Protection Bureau (Fair Lending Report) to Congress. We are committed to ensuring fair access to credit and eliminating discriminatory lending practices. This report describes our fair lending activities in prioritization, supervision, enforcement, rulemaking, interagency coordination, and outreach for calendar year 2016.
Request for Information Regarding Ability-to-Repay/Qualified Mortgage Rule Assessment
Document Number: 2017-11218
Type: Notice
Date: 2017-06-01
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the ATR/QM Rule under the Truth in Lending Act (Regulation Z), in accordance with section 1022(d) of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment.
Consumer Advisory Board Meeting
Document Number: 2017-10623
Type: Notice
Date: 2017-05-24
Agency: Bureau of Consumer Financial Protection
Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Consumer Advisory Board (CAB or Board) of the Bureau of Consumer Financial Protection (CFPB or Bureau). The notice also describes the functions of the Board.
Request for Information Regarding the Small Business Lending Market
Document Number: 2017-09732
Type: Notice
Date: 2017-05-15
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB or Bureau) seeks information about the small business lending market. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. In an effort to inform the Bureau's work on the business lending data collection rulemaking to implement section 1071, the Bureau seeks to learn more about the small business financing market, including understanding more about the products that are offered to small businesses, including women-owned and minority-owned small businesses, as well as the financial institutions that offer such credit. The Bureau also seeks to learn more about the business lending data that currently is used and may be maintained by financial institutions in connection with credit applications made by small businesses, including women-owned and minority-owned small businesses, and the potential complexity and cost of small business data collection and reporting. The Bureau is also seeking comment from the public on privacy concerns related to the disclosure purposes of section 1071.
Supervisory Highlights: Spring 2017
Document Number: 2017-09658
Type: Notice
Date: 2017-05-12
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing its fifteenth edition of its Supervisory Highlights. In this issue of Supervisory Highlights, we report examination findings in the areas of mortgage servicing, student loan servicing, mortgage origination, and fair lending. As in past editions, this report includes information about a recent public enforcement action that was a result, at least in part, of our supervisory work. The report also includes information on recently released examination procedures and Bureau guidance.
Academic Research Council Meeting
Document Number: 2017-09535
Type: Notice
Date: 2017-05-11
Agency: Bureau of Consumer Financial Protection
The CFPB published a document in the Federal Register of April 28, 2017, announcing the meeting of the Academic Research Council Meeting. The document contained incorrect times and did not contain language as required by the Federal Advisory Committee Act. The document also contained the incorrect RSVP inbox and the incorrect agenda availability date.
Request for Information Regarding 2013 Real Estate Settlement Procedures Act Servicing Rule Assessment
Document Number: 2017-09361
Type: Proposed Rule
Date: 2017-05-11
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X), as amended prior to January 10, 2014, in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment.
Academic Research Council Meeting
Document Number: 2017-08611
Type: Notice
Date: 2017-04-28
Agency: Bureau of Consumer Financial Protection
This notice sets forth the announcement of a public meeting of the Academic Research Council (ARC or Council) of the Consumer Financial Protection Bureau (Bureau). The notice also describes the functions of the Council. Notice of the meeting is permitted by section 8 of the ARC Charter.
Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z); Delay of Effective Date
Document Number: 2017-08341
Type: Rule
Date: 2017-04-25
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to April 1, 2018.
Technical Corrections and Clarifying Amendments to the Home Mortgage Disclosure (Regulation C) October 2015 Final Rule
Document Number: 2017-07838
Type: Proposed Rule
Date: 2017-04-25
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau's Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule or the Final Rule), which was published in the Federal Register on October 28, 2015. The Bureau also proposes a new reporting exclusion.
Policy on Ex Parte Presentations in Rulemaking Proceedings
Document Number: 2017-08096
Type: Rule
Date: 2017-04-21
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB) has adopted the following updated policy on ex parte presentations in rulemaking proceedings. The original policy was posted on the CFPB's Web site on August 16, 2011.
Community Bank Advisory Council Meeting
Document Number: 2017-06996
Type: Notice
Date: 2017-04-07
Agency: Bureau of Consumer Financial Protection
This notice sets forth the announcement of a public meeting of the Community Bank Advisory Council (CBAC or Council) of the Consumer Financial Protection Bureau (Bureau or CFPB). The notice also describes the functions of the Council. Notice of the meeting is permitted by section 9 of the CBAC Charter and is intended to notify the public of this meeting.
Supervisory Highlights: Consumer Reporting Special Edition
Document Number: 2017-06904
Type: Notice
Date: 2017-04-06
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB) is issuing its fourteenth edition of its Supervisory Highlights. In this issue of Supervisory Highlights, we report examination findings in the area of consumer reporting. These observations include findings from examinations at consumer reporting companies and at companies that furnish information to consumer reporting companies.
Amendments to Equal Credit Opportunity Act (Regulation B) Ethnicity and Race Information Collection
Document Number: 2017-06195
Type: Proposed Rule
Date: 2017-04-04
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, to add certain model forms and remove others from Regulation B, and to make various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.
Request for Information Regarding Remittance Rule Assessment
Document Number: 2017-05681
Type: Proposed Rule
Date: 2017-03-24
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of certain of the Bureau's regulations related to consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E) in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing these regulations as well as certain recommendations and information that may be useful in conducting the planned assessment.
Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z); Delay of Effective Date
Document Number: 2017-05060
Type: Proposed Rule
Date: 2017-03-15
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to April 1, 2018.
Credit Union Advisory Council Meeting
Document Number: 2017-05045
Type: Notice
Date: 2017-03-14
Agency: Bureau of Consumer Financial Protection
This notice sets forth the announcement of a public meeting of the Credit Union Advisory Council (CUAC or Council) of the Consumer Financial Protection Bureau (CFPB or Bureau). The notice also describes the functions of the Council. Notice of the meeting is permitted by section 9 of the CUAC Charter and is intended to notify the public of this meeting.
Request for Information Regarding Consumer Credit Card Market
Document Number: 2017-04797
Type: Notice
Date: 2017-03-10
Agency: Bureau of Consumer Financial Protection
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Bureau of Consumer Financial Protection (Bureau or CFPB) to conduct a review (Review) of the consumer credit card market, within the limits of its existing resources available for reporting purposes. In connection with conducting that Review, and in accordance with the Act, the Bureau is soliciting information from the public about a number of aspects of the consumer credit card market as described further below.
Agency Information Collection Activities: Comment Request
Document Number: 2017-03501
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting approval for a new information collection, titled, ``Student Loan Servicing Market Monitoring.''
Establishment of Academic Research Council
Document Number: 2017-03494
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (``Bureau''), after consultation with the Committee Management Secretariat of the General Services Administration, will establish the Academic Research Council (``the Council'') no less than 15 days from the effective date of this notice. The Advisory Council was established to provide the Bureau's Office of Research advice and feedback on research methodologies, framing research questions, data collection, and analytic strategies.
Establishment of Community Banker Advisory Council
Document Number: 2017-03493
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (``Bureau''), after consultation with the Committee Management Secretariat of the General Services Administration, will establish the Community Banker Advisory Council (``the Advisory Council'') no less than 15 days from the effective date of this notice. The Advisory Council was established to consult with the Bureau in the exercise of its functions under the federal consumer financial laws as they pertain to community banks with total assets of $10 billion or less.
Establishment of Consumer Advisory Board
Document Number: 2017-03492
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (``Bureau''), after consultation with the Committee Management Secretariat of the General Services Administration, has established the Consumer Advisory Board (``the Board'') as required by statute. The Board will ``advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws'' and ``provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information,'' as outlined in section 1014(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Establishment of Credit Union Advisory Council
Document Number: 2017-03491
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (``Bureau''), after consultation with the Committee Management Secretariat of the General Services Administration, will establish the Credit Union Advisory Council (``the Advisory Council'') no less than 15 days from the effective date of this notice. The Advisory Council was established to consult with the Bureau in the exercise of its functions under the federal consumer financial laws as they pertain to credit unions with total assets of $10 billion or less.
Agency Information Collection Activities: Comment Request
Document Number: 2017-03479
Type: Notice
Date: 2017-02-23
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``Fair Credit Reporting Act (Regulation V).''
Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process
Document Number: 2017-03361
Type: Notice
Date: 2017-02-21
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB or Bureau) seeks information about the use or potential use of alternative data and modeling techniques in the credit process. Alternative data and modeling techniques are changing the way that some financial service providers conduct business. These changes hold the promise of potentially significant benefits for some consumers but also present certain potentially significant risks. The Bureau seeks to learn more about current and future market developments, including existing and emerging consumer benefits and risks, and how these developments could alter the marketplace and the consumer experience. The Bureau also seeks to learn how market participants are or could be mitigating certain risks to consumers, and about consumer preferences, views, and concerns.
Consumer Advisory Board Meeting
Document Number: 2017-03034
Type: Notice
Date: 2017-02-15
Agency: Bureau of Consumer Financial Protection
This notice sets forth the announcement of a public meeting of the Consumer Advisory Board (CAB or Board) of the Bureau of Consumer Financial Protection (CFPB or Bureau). The notice also describes the functions of the Board. Notice of the meeting is permitted by section 9 of the CAB Charter and is intended to notify the public of this meeting.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2017-03008
Type: Notice
Date: 2017-02-15
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is proposing to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``Truth In Lending Act (Regulation Z)Appraisals for Higher-Priced Mortgage Loans.''
Compliance Bulletin 2016-03: Detecting and Preventing Consumer Harm From Production Incentives
Document Number: 2017-01021
Type: Notice
Date: 2017-01-18
Agency: Bureau of Consumer Financial Protection
The Bureau recognizes that many supervised entities may choose to implement incentive programs to achieve business objectives. When properly implemented and monitored, reasonable incentives can benefit consumers and the financial marketplace as a whole. This bulletin compiles guidance that has previously been given by the CFPB in other contexts and highlights examples from the CFPB's supervisory and enforcement experience in which incentives contributed to substantial consumer harm. It also describes compliance management steps supervised entities should take to mitigate risks posed by incentives.
Civil Penalty Inflation Adjustments
Document Number: 2017-00521
Type: Rule
Date: 2017-01-12
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Inflation Adjustment Act), as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.
Supplemental Standards of Ethical Conduct for Employees of the Bureau of Consumer Financial Protection
Document Number: 2016-31596
Type: Proposed Rule
Date: 2017-01-10
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau), with the concurrence of the Office of Government Ethics (OGE), is issuing this notice of proposed rulemaking for employees of the Bureau. This proposal would amend the existing Supplemental Standards of Ethical Conduct for Employees of the Bureau of Consumer Financial Protection (CFPB Ethics Regulations) involving: Outside employment for covered employees; Bureau employees' ownership or control of certain securities; restrictions on seeking, obtaining, or renegotiating credit or indebtedness; and disqualification requirements based on existing credit or indebtedness. Additionally, the proposed regulation would clarify and make minor revisions to certain definitions.
Academic Research Council Solicitation of Applications for Membership
Document Number: 2016-31398
Type: Notice
Date: 2016-12-29
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Act establishes the Consumer Financial Protection Bureau's (Bureau) Office of Research and assigns to it the responsibility of researching, analyzing, and reporting on topics relating to the Bureau's mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. The Bureau established the Academic Research Council (Council) as a technical advisory body comprised of scholars to provide the Office of Research with guidance as it performs its responsibilities. Director Richard Cordray invites qualified individuals to apply for appointment to the Council. Appointments to the Council are typically for four years. However, the Director may amend the Council charter from time to time during the charter terms as the Director deems necessary to accomplish the purpose of the Council. The Bureau expects to announce the selection of new members in April 2017.
Consumer Advisory Board and Councils Solicitation of Applications for Membership
Document Number: 2016-31396
Type: Notice
Date: 2016-12-28
Agency: Bureau of Consumer Financial Protection
Pursuant to the authorities given to the Director of the Consumer Financial Protection Bureau (Bureau) under the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) Director Richard Cordray invites the public to apply for membership for appointment to its Consumer Advisory Board (Board), Community Bank Advisory Council, and Credit Union Advisory Council (collectively, Advisory Councils). Membership of the Board and Councils includes representatives of consumers, communities, the financial services industry and academics. Appointments to the Board are typically for three years and appointments to the Councils are typically for two years. However, the Director may amend the respective Board and Council charters from time to time during the charter terms, as the Director deems necessary to accomplish the purpose of the Board and Councils. The Bureau expects to announce the selection of new members in August 2017.
Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold
Document Number: 2016-30731
Type: Rule
Date: 2016-12-21
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 0.8 percent increase in the average of the CPI-W for the 12-month period ending in November 2016, the exemption threshold will remain at $44 million. Therefore, banks, savings associations, and credit unions with assets of $44 million or less as of December 31, 2016, are exempt from collecting data in 2017.
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
Document Number: 2016-30730
Type: Rule
Date: 2016-12-21
Agency: Bureau of Consumer Financial Protection
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.069 billion from $2.052 billion. The adjustment is based on the .8 percent increase in the average of the CPI-W for the 12-month period ending in November 2016. Therefore, creditors with assets of less than $2.069 billion (including assets of certain affiliates) as of December 31, 2016, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2017. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2018. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.