Semiannual Regulatory Agenda, 16994-16998 [2021-04346]
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Federal Register / Vol. 86, No. 60 / Wednesday, March 31, 2021 / UA: Reg Flex Agenda
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Ch. X
Semiannual Regulatory Agenda
Bureau of Consumer Financial
Protection.
ACTION: Semiannual regulatory agenda.
AGENCY:
The Bureau of Consumer
Financial Protection (Bureau) is
publishing this agenda as part of the
Fall 2020 Unified Agenda of Federal
Regulatory and Deregulatory Actions.
The Bureau reasonably anticipates
having the regulatory matters identified
below under consideration during the
period from November 2020 to
November 2021. The next agenda will
be published in spring 2021 and will
update this agenda through spring 2022.
Publication of this agenda is in
accordance with the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.).
DATES: This information is current as of
September 11, 2020.
ADDRESSES: Bureau of Consumer
Financial Protection, 1700 G Street NW,
Washington, DC 20552.
FOR FURTHER INFORMATION CONTACT: A
staff contact is included for each
regulatory item listed herein. If you
require this document in an alternative
electronic format, please contact CFPB_
Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION: The
Bureau is publishing its fall 2020
Agenda as part of the Fall 2020 Unified
Agenda of Federal Regulatory and
Deregulatory Actions, which is
coordinated by the Office of
Management and Budget under
Executive Order 12866. The agenda lists
the regulatory matters that the Bureau
reasonably anticipates having under
consideration during the period from
November 2020 to November 2021, as
described further below.1 The complete
Unified Agenda is available to the
public at the following website: https://
www.reginfo.gov.
Pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection
Act, Public Law 111–203, 124 Stat. 1376
(Dodd-Frank Act), the Bureau has
rulemaking, supervisory, enforcement,
consumer education, and other
authorities relating to consumer
financial products and services. These
authorities include the authority to
issue regulations under more than a
dozen Federal consumer financial laws,
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SUMMARY:
1 The listing does not include certain routine,
frequent, or administrative matters. The Bureau is
reporting information for this Unified Agenda in a
manner consistent with past practice.
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which transferred to the Bureau from
seven Federal agencies on July 21, 2011.
The Bureau’s general purpose, as
specified in section 1021(a) of the DoddFrank Act, is to implement and enforce
Federal consumer financial law
consistently for the purpose of ensuring
that all consumers have access to
markets for consumer financial products
and services and that markets for
consumer financial products and
services are fair, transparent, and
competitive.
In addition, section 1021 of the DoddFrank Act specifies the objectives of the
Bureau, including ensuring that, with
respect to consumer financial products
and services, consumers are provided
with timely and understandable
information to make responsible
decisions about financial transactions;
consumers are protected from unfair,
deceptive, or abusive acts and practices
and from discrimination; outdated,
unnecessary, or unduly burdensome
regulations are regularly identified and
addressed in order to reduce
unwarranted regulatory burdens; that
Federal consumer financial law is
enforced consistently, without regard to
the status of a person as a depository
institution, in order to promote fair
competition; and markets for consumer
financial products and services operate
transparently and efficiently to facilitate
access and innovation.
As a general matter, the Bureau
believes that it can best achieve these
statutory purposes and objectives by
using its various tools to focus on the
prevention of consumer harm. With
specific regard to rulemaking, the
Bureau seeks to articulate clear rules of
the road for regulated entities that
promote compliance with the law, foster
competition, increase transparency, and
preserve fair markets for financial
products and services. If Congress
directs the Bureau to promulgate rules
or address specific issues through
rulemaking, the Bureau will comply
with the law. If the Bureau has
discretion, the Bureau will focus on
preventing consumer harm by
maximizing informed consumer choice,
and by reducing unwarranted regulatory
burden which can adversely affect
competition and consumers’ access to
financial products and services.
Consistent with these priorities and to
enhance transparency, the Unified
Agenda identifies the rulemaking
activities in which the Bureau is likely
to be engaged over the next 12 months
and those that are contemplated in the
ensuing year.
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Rulemaking To Implement EGRRCPA
The Bureau is conducting the two
remaining rulemakings mandated in the
Economic Growth, Regulatory Relief,
and Consumer Protection Act of 2018,
Public Law 115–174, 132 Stat. 1297
(EGRRCPA). As part of these
rulemakings, the Bureau is working to
maximize consumer welfare and
achieve other statutory objectives
through protecting consumers from
harm and minimizing regulatory
burden, including facilitating industry
compliance with rules.
First, section 307 of the EGRRCPA
amends the Truth in Lending Act (TILA)
to mandate that the Bureau prescribe
certain regulations relating to ‘‘Property
Assessed Clean Energy’’ (PACE)
financing. As defined by EGRRCPA
section 307, PACE financing results in
a tax assessment on a consumer’s real
property and covers the costs of home
improvements. The required regulations
must carry out the purposes of TILA’s
ability-to-repay (ATR) requirements,
currently in place for residential
mortgage loans, with respect to PACE
financing, and apply TILA’s general
civil liability provision for violations of
the ATR requirements the Bureau will
prescribe for PACE financing. The
regulations must ‘‘account for the
unique nature’’ of PACE financing.
Section 307 of the EGRRCPA also
specifically authorizes the collection of
data and information necessary to
support a PACE rulemaking. In March
2019 the Bureau issued an Advance
Notice of Proposed Rulemaking
(ANPRM) and is continuing to engage
with stakeholders and collect
information for the rulemaking,
including by pursuing quantitative data
on the effect of PACE on consumers’
financial outcomes.
Second, section 108 of the EGRRCPA
directs the Bureau to conduct a
rulemaking to exempt from the escrow
requirement loans made by certain
creditors with assets of $10 billion or
less and meeting other criteria, adding
to a 2013 rule issued by the Bureau
under the Dodd-Frank Act that created
an exemption for creditors with under
$2 billion in assets and meeting other
criteria. In anticipation of future
rulemaking activity, the Bureau
conducted, and in late summer 2019
released, a preliminary analysis of the
number of lenders potentially impacted
by implementation of the new
exemption in section 108 of EGRRCPA.
This analysis showed that a limited
number of additional lenders would be
exempt under section 108 of EGRRCPA
once implemented by rule. The Bureau
issued a Notice of Proposed Rulemaking
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(NPRM) in July 2020 and expects to
issue a final rule in early 2021.
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Rulemakings To Implement the DoddFrank Act and Other Statutes
1. Continuation of Other Rulemakings
The Bureau is continuing certain
other rulemakings described in its
Spring 2020 Agenda to articulate clear
rules of the road for regulated entities
that promote compliance with the law,
foster competition, increase
transparency, and preserve fair markets
for financial products and services.
Section 1071 of the Dodd-Frank Act
amended the Equal Credit Opportunity
Act to require, subject to rules
prescribed by the Bureau, financial
institutions to collect, report, and make
public certain information concerning
credit applications made by womenowned, minority-owned, and small
businesses. The Bureau hosted a
symposium on small business data
collection in November 2019 to
facilitate its decisionmaking. In
addition, in July 2020, the Bureau
released a survey of lenders to obtain
estimates of one-time costs lenders of
varying sizes would incur to collect and
report data pursuant to section 1071. In
September 2020, the Bureau released an
outline of proposals under
consideration and alternatives
considered in advance of convening a
panel under the Small Business
Regulatory Enforcement Fairness Act
(SBREFA), in conjunction with the
Office of Management and Budget and
the Small Business Administration’s
Chief Counsel for Advocacy, to obtain
feedback from representatives of small
businesses on the likely impacts the
rules the Bureau is considering
proposing to implement section 1071
would have on small entities. The
Bureau expects to convene a SBREFA
panel in October 2020 and consistent
with the Bureau’s statutory obligations
under SBREFA, will complete the panel
report within 60 days of the panel’s
convening.
In addition, to consider concerns
about possible unwarranted regulatory
burden, the Bureau also issued an
ANPRM in May 2019 concerning certain
data points that are reported under the
2015 Home Mortgage Disclosure Act
(HMDA) rule and coverage of certain
business or commercial purpose loans.
The Bureau expects to issue an NPRM
in early 2021 to follow up on the
ANPRM. The Bureau also expects to
issue an NPRM in early 2021 addressing
the public disclosure of HMDA data in
light of consumer privacy interests, so
that stakeholders can concurrently
consider and comment on the collection
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and reporting of data points and public
disclosure of those data points. This
NPRM will follow up on the Bureau’s
2018 final policy guidance regarding
disclosure of the HMDA data. Until the
Bureau promulgates a final rule, it
anticipates that it will continue to
disclose HMDA data in the manner
detailed in the 2018 final policy
guidance.
The Bureau also issued an NPRM in
May 2019 that would prescribe rules
under Regulation F to govern the
activities of debt collectors, as that term
is defined under the Fair Debt
Collection Practices Act. The Bureau’s
proposal would, among other things,
address communications in connection
with debt collection; interpret and apply
prohibitions on harassment or abuse,
false or misleading representations, and
unfair practices in debt collection; and
clarify requirements for certain
consumer-facing debt collection
disclosures. The proposal builds on the
Bureau’s research and pre-rulemaking
activities regarding the debt collection
market; the conduct of debt collectors
remains a top source of complaints to
the Bureau. The Bureau expects to issue
a final rule in October 2020 with regard
to the May 2019 NPRM. The Bureau has
also engaged in testing of time-barred
debt disclosures that were not the focus
of the May 2019 proposal. In early 2020,
after completing the testing, the Bureau
published a supplemental NPRM related
to time-barred debt disclosures. The
Bureau expects to issue a final rule in
December 2020 addressing disclosures
related to the validation notice and
time-barred debt.
In July 2019, the Bureau issued an
ANPRM to solicit information about
possible amendments to the qualified
mortgage provisions of Regulation Z,
which implement provisions of TILA.
With certain exceptions, Regulation Z
requires creditors to make a reasonable,
good faith determination of a
consumer’s ability to repay any
residential mortgage loan, and loans that
meet Regulation Z’s requirements for
‘‘qualified mortgages’’ obtain certain
protections from liability. One category
of qualified mortgages (QMs) covers
certain loans that are eligible for
purchase or guarantee by either the
Federal National Mortgage Association
(Fannie Mae) or the Federal Home Loan
Mortgage Corporation (Freddie Mac).
Under Regulation Z, this category of
QMs (Temporary GSE QM or ‘‘Patch’’
loans) is scheduled to expire no later
than January 10, 2021. In June, the
Bureau proposed amendments to the
definition of General QM that would
move away from the 43 percent Debt-toIncome (DTI) requirement and instead
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establish an alternative, such as a
pricing threshold (i.e., the difference
between the loan’s annual percentage
rate (APR) and the average prime offer
rate (APOR) for a comparable
transaction) for loans to qualify as QMs.
General QM loans would still have to
meet the statutory criteria for QM status,
including restrictions related to loan
features, up-front costs, and
underwriting. The Bureau also proposed
in June 2020 to extend the Patch for a
short period until the effective date of
the proposed alternative or until one or
more of the GSEs exits conservatorship,
whichever comes first. This would help
ensure a smooth and orderly transition
away from the Patch by (among other
things) allowing the Bureau to complete
this rulemaking and to avoid any gap
between the expiration of the Patch and
the effective date of the proposed
alternative. Finally, in August 2020 the
Bureau proposed a new ‘‘seasoning’’
definition of QM. This definition would
create an alternative pathway to QM
safe-harbor status for certain mortgages
when the borrower has consistently
made timely payments for a period. The
Bureau expects to take final action on
each of these proposals later this year.
The Bureau is participating in
interagency rulemaking processes with
the Board of Governors of the Federal
Reserve System, the Office of the
Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the
National Credit Union Administration,
and the Federal Housing Finance
Agency to develop regulations to
implement the amendments made by
the Dodd-Frank Act to the Financial
Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA)
concerning appraisals. The FIRREA
amendments require implementing
regulations for quality control standards
for automated valuation models
(AVMs). These standards are designed
to ensure a high level of confidence in
the estimates produced by the valuation
models, protect against the
manipulation of data, seek to avoid
conflicts of interest, require random
sample testing and reviews, and account
for any other such factor that the
Agencies determine to be appropriate.
The Agencies will continue to work to
develop a proposed rule to implement
the Dodd-Frank Act’s AVM
amendments to FIRREA.
The Bureau is continuing a
rulemaking to address the anticipated
expiration of the LIBOR index, which
the UK Financial Conduct Authority has
stated that it cannot guarantee the
publication of beyond the end of 2021.
The Bureau’s work is designed to
facilitate compliance by open-end and
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closed-end creditors and to lessen the
financial impact to consumers by
providing examples of replacement
indices that meet Regulation Z
requirements. For creditors for home
equity lines of credit (HELOCs)
(including reverse mortgages) and card
issuers for credit card accounts, the rule
would facilitate the transition of
existing accounts to an alternative
index, beginning around March 2021,
well in advance of LIBOR’s anticipated
expiration. The rule also would address
change-in-terms notice provisions for
HELOCs and credit card accounts and
how they apply to the transition away
from LIBOR, to ensure that consumers
are informed of the replacement index
and any adjusted margin. To facilitate
compliance by card issuers, the rule
would address how the rate reevaluation provisions applicable to
credit card accounts apply to the
transition from LIBOR to a replacement
index. This rulemaking will enable the
Bureau to facilitate compliance by
creditors with Regulation Z as they
transition away from LIBOR. The
Bureau issued an NPRM in June 2020
and expects to issue a final rule in
January 2021.
New Projects and Planning for Future
Rulemakings
The Bureau anticipates issuing an
NPRM in spring 2021 to consider
possible amendments to the Bureau’s
mortgage servicing rules to address
actions required of servicers working
with borrowers affected by natural
disasters or other emergencies. In
January 2013, the Bureau issued final
mortgage servicing rules, pursuant to
Regulations X and Z, implementing
numerous provisions of the Real Estate
Settlement Procedures Act (RESPA) and
TILA, as amended by title XIV of the
Dodd-Frank Act. The Bureau has since
made various corrections, clarifications,
and other amendments to the January
2013 rules. In June 2020, the Bureau
issued an Interim Final Rule (IFR)
amending aspects of the mortgage
servicing rules to address the exigencies
of COVID–19. Comments received on
the IFR and information gathered
through the Bureau’s market monitoring
suggest that the rules may need
additional updates to address natural
disasters or other emergencies.
Section 1033 of the Dodd-Frank Act
provides that, subject to rules prescribed
by the Bureau, covered persons shall
make available to consumers, upon
request, transaction data and other
information concerning a consumer
financial product or service that the
consumer obtains from a covered
person. Section 1033 also states that the
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Bureau shall prescribe by rule standards
to promote the development and use of
standardized formats for information
made available to consumers. In
November 2016, the Bureau issued a
Request for Information seeking
comment from the public to better
understand the consumer benefits and
risks associated with market
developments that rely on access to
consumer financial account and
account-related information. In October
2017, the Bureau issued Consumer
Protection Principles for ConsumerAuthorized Financial Data Sharing and
Aggregation to express the Bureau’s
vision for the data aggregation market.
The Bureau hosted a symposium on
consumer authorized financial data
sharing in February 2020. In fall 2020,
the Bureau expects to issue an Advance
Notice of Proposed Rulemaking
concerning consumer data access to
implement section 1033 of the DoddFrank Act.
The Bureau has decided to add two
new items to its long-term regulatory
agenda. This portion of the agenda
focuses on potential regulatory actions
that an agency may engage in beyond
the current fiscal year. First, the Bureau
is adding an entry related to its TILA/
RESPA Integrated Disclosures (TRID)
rule. The Dodd-Frank Act directed the
Bureau to integrate the mortgage
disclosures required under TILA and
RESPA. In November 2013, the Bureau
issued a final rule to implement this
requirement (the TILA/RESPA
Integrated Disclosure or TRID rule). The
Bureau amended the 2013 final rule on
two occasions before its effective date,
and the amended rule took effect on
October 3, 2015. The Bureau
subsequently amended the 2013 final
rule in July 2017 and April 2018. The
July 2017 Amendments took effect on
October 10, 2017, and the April 2018
Amendments took effect on June 1,
2018. As noted below, in October 2020
the Bureau will publish a report of its
assessment of the TRID rule, as
amended when the rule took effect in
October 2015, as required by section
1022(d) of the Dodd-Frank Act. The
Bureau has received feedback—in
response to a November 2019 Request
for Information in connection with the
TRID rule assessment, the Bureau’s 2018
Calls for Evidence, and other Bureau
outreach—suggesting that modifications
of aspects of the TRID rule may make
the rule more effective. As the Bureau
continues to monitor market
developments, the Bureau will evaluate
possible policy responses to issues
identified, including potential
rulemaking, guidance, or other
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activities. Possible topics for
consideration will be determined based
on the findings in the Bureau’s
assessment report as well as other input
the Bureau receives on the TRID rule.
Second, the Bureau has commenced
research that focuses on providing
information to consumers about the
costs associated with payday loans. The
goal of this research is to identify
possible ways the Bureau may be able
to improve consumer understanding
and aid consumer decisionmaking
around payday loans through
rulemaking or other actions. The first
phase of this research involves
qualitative testing, which the Bureau
anticipates completing by the end of
September 2021. The results of the
qualitative testing will inform the
Bureau in deciding whether and how to
move forward with quantitative testing
that might support possible future
rulemaking or other actions related to
payday loan disclosures.
The Bureau is also actively reviewing
existing regulations. Section 1022(d) of
the Dodd-Frank Act requires the Bureau
to conduct an assessment of each
significant rule or order adopted by the
Bureau under Federal consumer
financial law and publish a report of
each assessment not later than 5 years
after the effective date of the subject
matter or order. The Bureau expects to
complete an assessment of its TRID rule
and certain amendments in October
2020.
The Regulatory Flexibility Act (RFA)
also requires the Bureau to consider the
effect on small entities of certain rules
it promulgates. The Bureau published in
May 2019 its plan for conducting
reviews, consistent with section 610 of
the RFA, of certain regulations which
are believed to have a significant impact
on a substantial number of small
entities. Congress specified that the
purpose of such reviews shall be to
determine whether such rules should be
continued without change, or should be
amended or rescinded, consistent with
the stated objectives of the applicable
statutes, to minimize any significant
economic impact of the rules upon a
substantial number of such small
entities. In August 2020 the Bureau
commenced its review pursuant to
section 610 of the RFA of Regulation Z
rules that implement the Credit Card
Accountability Responsibility and
Disclosure Act of 2009. Specifically, the
Bureau will review an interim final
rule and three final rules published by
the Board of Governors of the Federal
Reserve System (Board) from July 2009
to April 2011.
Finally, as required by the DoddFrank Act, the Bureau is also continuing
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to monitor markets for consumer
financial products and services to
identify risks to consumers and the
proper functioning of such markets. As
discussed in a recent report by the
Government Accountability Office, the
Bureau’s Division of Research, Markets,
and Regulations and specifically its
Markets Offices continuously monitor
market developments and risks to
consumers. The Bureau also has created
a number of cross-Bureau working
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groups focused around specific markets
which advance the Bureau’s market
monitoring work. The Bureau’s market
monitoring work assists in identifying
issues for potential future rulemaking
work.
CONSUMER FINANCIAL PROTECTION BUREAU—PRERULE STAGE
Regulation
Identifier No.
Sequence No.
Title
408 ....................
Business Lending Data (Regulation B) ............................................................................................................
3170–AA09
CONSUMER FINANCIAL PROTECTION BUREAU—FINAL RULE STAGE
Title
409 ....................
Debt Collection Rule ........................................................................................................................................
CONSUMER FINANCIAL PROTECTION
BUREAU (CFPB)
Prerule Stage
408. Business Lending Data (Regulation
B)
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Regulation
Identifier No.
Sequence No.
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 1691c–2
Abstract: Section 1071 of the DoddFrank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act)
amended the Equal Credit Opportunity
Act (ECOA) to require, subject to rules
prescribed by the Bureau, financial
institutions to report information
concerning credit applications made by
women-owned, minority-owned, and
small businesses. The amendments to
ECOA made by the Dodd-Frank Act
require that certain data be collected,
maintained, and reported, including the
number of the application and date the
application was received; the type and
purpose of the loan or credit applied for;
the amount of credit applied for and
approved; the type of action taken with
regard to each application and the date
of such action; the census tract of the
principal place of business; the gross
annual revenue of the business; and the
race, sex, and ethnicity of the principal
owners of the business. The Dodd-Frank
Act also provides authority for the
Bureau to require any additional data
that the Bureau determines would aid in
fulfilling the purposes of this section.
The Bureau may adopt exceptions to
any requirement of section 1071 and
may exempt any financial institution
from its requirements, as the Bureau
deems necessary or appropriate to carry
out section 1071’s purposes. The Bureau
issued a Request for Information in 2017
seeking public comment on, among
other things, the types of credit products
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offered and the types of data currently
collected by lenders in this market, and
the potential complexity, cost of, and
privacy issues related to, small business
data collection. In November 2019, the
Bureau hosted a symposium on small
business data collection to facilitate its
decision-making. The symposium
explored how to efficiently collect
appropriate data without imposing
unnecessary or undue costs that could
limit access to credit from existing
market participants or discourage new
entrants into the market for small
business credit. The information
received in response to the Request for
Information and the symposium will
help the Bureau as it determines how to
implement the statute efficiently while
minimizing burdens on lenders. In
addition, in July 2020, the Bureau
released a survey of lenders to obtain
estimates of one-time costs lenders of
varying sizes would incur to collect and
report data pursuant to section 1071. In
September 2020, the Bureau released an
outline of proposals under
consideration and alternatives
considered in advance of convening a
panel under the Small Business
Regulatory Enforcement Fairness Act
(SBREFA), in conjunction with the
Office of Management and Budget and
the Small Business Administration’s
Chief Counsel for Advocacy. Through
this SBREFA process, the Bureau will
obtain feedback from representatives of
small businesses on the likely impacts
the rules the Bureau is considering to
implement section 1071 would have on
small entities. The Bureau convened a
SBREFA panel in October 2020 and
consistent with the Bureau’s statutory
obligations under SBREFA, will
complete the panel report within 60
days of the panel’s convening.
Timetable:
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Action
Request for Information.
Request for Information Comment Period
End.
Pre-rule Activity—
SBREFA Outline.
Pre-rule Activity—
SBREFA Report.
Date
05/15/17
3170–AA41
FR Cite
82 FR 22318
09/14/17
09/15/20
12/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Kristine Andreassen,
Office of Regulations, Consumer
Financial Protection Bureau,
Washington, DC 20552, Phone: 202 435–
7700.
RIN: 3170–AA09
CONSUMER FINANCIAL PROTECTION
BUREAU (CFPB)
Final Rule Stage
409. Debt Collection Rule
E.O. 13771 Designation: Independent
agency.
Legal Authority: 15 U.S.C. 1692l(d)
Abstract: In May 2019, the Bureau
issued a Notice of Proposed Rulemaking
(NPRM), which would prescribe rules
under Regulation F to govern the
activities of debt collectors, as that term
is defined under the Fair Debt
Collection Practices Act (FDCPA). The
Bureau’s proposal would, among other
things, address communications in
connection with debt collection;
interpret and apply prohibitions on
harassment or abuse, false or misleading
representations, and unfair practices in
debt collection; and clarify requirements
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for certain consumer-facing debt
collection disclosures. The proposal
builds on the Bureau’s research and prerulemaking activities regarding the debt
collection market, including convening
a panel in August 2016 under the Small
Business Regulatory Enforcement
Fairness Act (SBREFA) in conjunction
with the Office of Management and
Budget and the Small Business
Administration’s Chief Counsel for
Advocacy. The conduct of debt
collectors remains a top source of
complaints to the Bureau. The Bureau
expects to issue a final rule in October
2020 with regard to the May 2019
NPRM. The Bureau has also engaged in
testing of time-barred debt disclosures
that were not addressed in the May 2019
proposed rule. In early 2020, after
completing the testing, the Bureau
issued a supplemental NPRM related to
time-barred debt disclosures. The
Bureau expects to issue a final rule in
December 2020 addressing disclosures
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related to the validation notice and
time-barred debt.
Timetable:
Action
Date
ANPRM ...............
ANPRM Comment
Period Extended.
ANPRM Comment
Period End.
ANPRM Comment
Period Extended End.
Pre-Rule Activity—SBREFA
Outline.
NPRM ..................
NPRM Comment
Period Extended.
NPRM Comment
Period End.
NPRM Comment
Period Extended End.
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01/14/14
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79 FR 2384
02/10/14
02/28/14
07/28/16
05/21/19
08/02/19
08/19/19
09/18/19
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84 FR 23274
84 FR 37806
Action
Supplemental
NPRM.
Supplemental
NPRM Comment Period Extended.
Supplemental
NPRM Comment Period Extended End.
Final Rule 1 .........
Final Rule 2—Disclosures.
Date
FR Cite
03/03/20
85 FR 12672
03/27/20
85 FR 17299
08/04/20
11/00/20
12/00/20
Regulatory Flexibility Analysis
Required: Yes.
Agency Contact: Kristin McPartland,
Office of Regulations, Consumer
Financial Protection Bureau,
Washington, DC 20552, Phone: 202 435–
7700.
RIN: 3170–AA41
[FR Doc. 2021–04346 Filed 3–30–21; 8:45 am]
BILLING CODE 4810–AM–P
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[Federal Register Volume 86, Number 60 (Wednesday, March 31, 2021)]
[Unknown Section]
[Pages 16994-16998]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04346]
[[Page 16993]]
Vol. 86
Wednesday,
No. 60
March 31, 2021
Part XXII
Bureau of Consumer Financial Protection
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Semiannual Regulatory Agenda
Federal Register / Vol. 86 , No. 60 / Wednesday, March 31, 2021 / UA:
Reg Flex Agenda
[[Page 16994]]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Ch. X
Semiannual Regulatory Agenda
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Semiannual regulatory agenda.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is
publishing this agenda as part of the Fall 2020 Unified Agenda of
Federal Regulatory and Deregulatory Actions. The Bureau reasonably
anticipates having the regulatory matters identified below under
consideration during the period from November 2020 to November 2021.
The next agenda will be published in spring 2021 and will update this
agenda through spring 2022. Publication of this agenda is in accordance
with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
DATES: This information is current as of September 11, 2020.
ADDRESSES: Bureau of Consumer Financial Protection, 1700 G Street NW,
Washington, DC 20552.
FOR FURTHER INFORMATION CONTACT: A staff contact is included for each
regulatory item listed herein. If you require this document in an
alternative electronic format, please contact
[email protected].
SUPPLEMENTARY INFORMATION: The Bureau is publishing its fall 2020
Agenda as part of the Fall 2020 Unified Agenda of Federal Regulatory
and Deregulatory Actions, which is coordinated by the Office of
Management and Budget under Executive Order 12866. The agenda lists the
regulatory matters that the Bureau reasonably anticipates having under
consideration during the period from November 2020 to November 2021, as
described further below.\1\ The complete Unified Agenda is available to
the public at the following website: https://www.reginfo.gov.
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\1\ The listing does not include certain routine, frequent, or
administrative matters. The Bureau is reporting information for this
Unified Agenda in a manner consistent with past practice.
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Pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, 124 Stat. 1376 (Dodd-Frank Act),
the Bureau has rulemaking, supervisory, enforcement, consumer
education, and other authorities relating to consumer financial
products and services. These authorities include the authority to issue
regulations under more than a dozen Federal consumer financial laws,
which transferred to the Bureau from seven Federal agencies on July 21,
2011. The Bureau's general purpose, as specified in section 1021(a) of
the Dodd-Frank Act, is to implement and enforce Federal consumer
financial law consistently for the purpose of ensuring that all
consumers have access to markets for consumer financial products and
services and that markets for consumer financial products and services
are fair, transparent, and competitive.
In addition, section 1021 of the Dodd-Frank Act specifies the
objectives of the Bureau, including ensuring that, with respect to
consumer financial products and services, consumers are provided with
timely and understandable information to make responsible decisions
about financial transactions; consumers are protected from unfair,
deceptive, or abusive acts and practices and from discrimination;
outdated, unnecessary, or unduly burdensome regulations are regularly
identified and addressed in order to reduce unwarranted regulatory
burdens; that Federal consumer financial law is enforced consistently,
without regard to the status of a person as a depository institution,
in order to promote fair competition; and markets for consumer
financial products and services operate transparently and efficiently
to facilitate access and innovation.
As a general matter, the Bureau believes that it can best achieve
these statutory purposes and objectives by using its various tools to
focus on the prevention of consumer harm. With specific regard to
rulemaking, the Bureau seeks to articulate clear rules of the road for
regulated entities that promote compliance with the law, foster
competition, increase transparency, and preserve fair markets for
financial products and services. If Congress directs the Bureau to
promulgate rules or address specific issues through rulemaking, the
Bureau will comply with the law. If the Bureau has discretion, the
Bureau will focus on preventing consumer harm by maximizing informed
consumer choice, and by reducing unwarranted regulatory burden which
can adversely affect competition and consumers' access to financial
products and services. Consistent with these priorities and to enhance
transparency, the Unified Agenda identifies the rulemaking activities
in which the Bureau is likely to be engaged over the next 12 months and
those that are contemplated in the ensuing year.
Rulemaking To Implement EGRRCPA
The Bureau is conducting the two remaining rulemakings mandated in
the Economic Growth, Regulatory Relief, and Consumer Protection Act of
2018, Public Law 115-174, 132 Stat. 1297 (EGRRCPA). As part of these
rulemakings, the Bureau is working to maximize consumer welfare and
achieve other statutory objectives through protecting consumers from
harm and minimizing regulatory burden, including facilitating industry
compliance with rules.
First, section 307 of the EGRRCPA amends the Truth in Lending Act
(TILA) to mandate that the Bureau prescribe certain regulations
relating to ``Property Assessed Clean Energy'' (PACE) financing. As
defined by EGRRCPA section 307, PACE financing results in a tax
assessment on a consumer's real property and covers the costs of home
improvements. The required regulations must carry out the purposes of
TILA's ability-to-repay (ATR) requirements, currently in place for
residential mortgage loans, with respect to PACE financing, and apply
TILA's general civil liability provision for violations of the ATR
requirements the Bureau will prescribe for PACE financing. The
regulations must ``account for the unique nature'' of PACE financing.
Section 307 of the EGRRCPA also specifically authorizes the collection
of data and information necessary to support a PACE rulemaking. In
March 2019 the Bureau issued an Advance Notice of Proposed Rulemaking
(ANPRM) and is continuing to engage with stakeholders and collect
information for the rulemaking, including by pursuing quantitative data
on the effect of PACE on consumers' financial outcomes.
Second, section 108 of the EGRRCPA directs the Bureau to conduct a
rulemaking to exempt from the escrow requirement loans made by certain
creditors with assets of $10 billion or less and meeting other
criteria, adding to a 2013 rule issued by the Bureau under the Dodd-
Frank Act that created an exemption for creditors with under $2 billion
in assets and meeting other criteria. In anticipation of future
rulemaking activity, the Bureau conducted, and in late summer 2019
released, a preliminary analysis of the number of lenders potentially
impacted by implementation of the new exemption in section 108 of
EGRRCPA. This analysis showed that a limited number of additional
lenders would be exempt under section 108 of EGRRCPA once implemented
by rule. The Bureau issued a Notice of Proposed Rulemaking
[[Page 16995]]
(NPRM) in July 2020 and expects to issue a final rule in early 2021.
Rulemakings To Implement the Dodd-Frank Act and Other Statutes
1. Continuation of Other Rulemakings
The Bureau is continuing certain other rulemakings described in its
Spring 2020 Agenda to articulate clear rules of the road for regulated
entities that promote compliance with the law, foster competition,
increase transparency, and preserve fair markets for financial products
and services.
Section 1071 of the Dodd-Frank Act amended the Equal Credit
Opportunity Act to require, subject to rules prescribed by the Bureau,
financial institutions to collect, report, and make public certain
information concerning credit applications made by women-owned,
minority-owned, and small businesses. The Bureau hosted a symposium on
small business data collection in November 2019 to facilitate its
decisionmaking. In addition, in July 2020, the Bureau released a survey
of lenders to obtain estimates of one-time costs lenders of varying
sizes would incur to collect and report data pursuant to section 1071.
In September 2020, the Bureau released an outline of proposals under
consideration and alternatives considered in advance of convening a
panel under the Small Business Regulatory Enforcement Fairness Act
(SBREFA), in conjunction with the Office of Management and Budget and
the Small Business Administration's Chief Counsel for Advocacy, to
obtain feedback from representatives of small businesses on the likely
impacts the rules the Bureau is considering proposing to implement
section 1071 would have on small entities. The Bureau expects to
convene a SBREFA panel in October 2020 and consistent with the Bureau's
statutory obligations under SBREFA, will complete the panel report
within 60 days of the panel's convening.
In addition, to consider concerns about possible unwarranted
regulatory burden, the Bureau also issued an ANPRM in May 2019
concerning certain data points that are reported under the 2015 Home
Mortgage Disclosure Act (HMDA) rule and coverage of certain business or
commercial purpose loans. The Bureau expects to issue an NPRM in early
2021 to follow up on the ANPRM. The Bureau also expects to issue an
NPRM in early 2021 addressing the public disclosure of HMDA data in
light of consumer privacy interests, so that stakeholders can
concurrently consider and comment on the collection and reporting of
data points and public disclosure of those data points. This NPRM will
follow up on the Bureau's 2018 final policy guidance regarding
disclosure of the HMDA data. Until the Bureau promulgates a final rule,
it anticipates that it will continue to disclose HMDA data in the
manner detailed in the 2018 final policy guidance.
The Bureau also issued an NPRM in May 2019 that would prescribe
rules under Regulation F to govern the activities of debt collectors,
as that term is defined under the Fair Debt Collection Practices Act.
The Bureau's proposal would, among other things, address communications
in connection with debt collection; interpret and apply prohibitions on
harassment or abuse, false or misleading representations, and unfair
practices in debt collection; and clarify requirements for certain
consumer-facing debt collection disclosures. The proposal builds on the
Bureau's research and pre-rulemaking activities regarding the debt
collection market; the conduct of debt collectors remains a top source
of complaints to the Bureau. The Bureau expects to issue a final rule
in October 2020 with regard to the May 2019 NPRM. The Bureau has also
engaged in testing of time-barred debt disclosures that were not the
focus of the May 2019 proposal. In early 2020, after completing the
testing, the Bureau published a supplemental NPRM related to time-
barred debt disclosures. The Bureau expects to issue a final rule in
December 2020 addressing disclosures related to the validation notice
and time-barred debt.
In July 2019, the Bureau issued an ANPRM to solicit information
about possible amendments to the qualified mortgage provisions of
Regulation Z, which implement provisions of TILA. With certain
exceptions, Regulation Z requires creditors to make a reasonable, good
faith determination of a consumer's ability to repay any residential
mortgage loan, and loans that meet Regulation Z's requirements for
``qualified mortgages'' obtain certain protections from liability. One
category of qualified mortgages (QMs) covers certain loans that are
eligible for purchase or guarantee by either the Federal National
Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage
Corporation (Freddie Mac). Under Regulation Z, this category of QMs
(Temporary GSE QM or ``Patch'' loans) is scheduled to expire no later
than January 10, 2021. In June, the Bureau proposed amendments to the
definition of General QM that would move away from the 43 percent Debt-
to-Income (DTI) requirement and instead establish an alternative, such
as a pricing threshold (i.e., the difference between the loan's annual
percentage rate (APR) and the average prime offer rate (APOR) for a
comparable transaction) for loans to qualify as QMs. General QM loans
would still have to meet the statutory criteria for QM status,
including restrictions related to loan features, up-front costs, and
underwriting. The Bureau also proposed in June 2020 to extend the Patch
for a short period until the effective date of the proposed alternative
or until one or more of the GSEs exits conservatorship, whichever comes
first. This would help ensure a smooth and orderly transition away from
the Patch by (among other things) allowing the Bureau to complete this
rulemaking and to avoid any gap between the expiration of the Patch and
the effective date of the proposed alternative. Finally, in August 2020
the Bureau proposed a new ``seasoning'' definition of QM. This
definition would create an alternative pathway to QM safe-harbor status
for certain mortgages when the borrower has consistently made timely
payments for a period. The Bureau expects to take final action on each
of these proposals later this year.
The Bureau is participating in interagency rulemaking processes
with the Board of Governors of the Federal Reserve System, the Office
of the Comptroller of the Currency, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, and the Federal
Housing Finance Agency to develop regulations to implement the
amendments made by the Dodd-Frank Act to the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning
appraisals. The FIRREA amendments require implementing regulations for
quality control standards for automated valuation models (AVMs). These
standards are designed to ensure a high level of confidence in the
estimates produced by the valuation models, protect against the
manipulation of data, seek to avoid conflicts of interest, require
random sample testing and reviews, and account for any other such
factor that the Agencies determine to be appropriate. The Agencies will
continue to work to develop a proposed rule to implement the Dodd-Frank
Act's AVM amendments to FIRREA.
The Bureau is continuing a rulemaking to address the anticipated
expiration of the LIBOR index, which the UK Financial Conduct Authority
has stated that it cannot guarantee the publication of beyond the end
of 2021. The Bureau's work is designed to facilitate compliance by
open-end and
[[Page 16996]]
closed-end creditors and to lessen the financial impact to consumers by
providing examples of replacement indices that meet Regulation Z
requirements. For creditors for home equity lines of credit (HELOCs)
(including reverse mortgages) and card issuers for credit card
accounts, the rule would facilitate the transition of existing accounts
to an alternative index, beginning around March 2021, well in advance
of LIBOR's anticipated expiration. The rule also would address change-
in-terms notice provisions for HELOCs and credit card accounts and how
they apply to the transition away from LIBOR, to ensure that consumers
are informed of the replacement index and any adjusted margin. To
facilitate compliance by card issuers, the rule would address how the
rate re-evaluation provisions applicable to credit card accounts apply
to the transition from LIBOR to a replacement index. This rulemaking
will enable the Bureau to facilitate compliance by creditors with
Regulation Z as they transition away from LIBOR. The Bureau issued an
NPRM in June 2020 and expects to issue a final rule in January 2021.
New Projects and Planning for Future Rulemakings
The Bureau anticipates issuing an NPRM in spring 2021 to consider
possible amendments to the Bureau's mortgage servicing rules to address
actions required of servicers working with borrowers affected by
natural disasters or other emergencies. In January 2013, the Bureau
issued final mortgage servicing rules, pursuant to Regulations X and Z,
implementing numerous provisions of the Real Estate Settlement
Procedures Act (RESPA) and TILA, as amended by title XIV of the Dodd-
Frank Act. The Bureau has since made various corrections,
clarifications, and other amendments to the January 2013 rules. In June
2020, the Bureau issued an Interim Final Rule (IFR) amending aspects of
the mortgage servicing rules to address the exigencies of COVID-19.
Comments received on the IFR and information gathered through the
Bureau's market monitoring suggest that the rules may need additional
updates to address natural disasters or other emergencies.
Section 1033 of the Dodd-Frank Act provides that, subject to rules
prescribed by the Bureau, covered persons shall make available to
consumers, upon request, transaction data and other information
concerning a consumer financial product or service that the consumer
obtains from a covered person. Section 1033 also states that the Bureau
shall prescribe by rule standards to promote the development and use of
standardized formats for information made available to consumers. In
November 2016, the Bureau issued a Request for Information seeking
comment from the public to better understand the consumer benefits and
risks associated with market developments that rely on access to
consumer financial account and account-related information. In October
2017, the Bureau issued Consumer Protection Principles for Consumer-
Authorized Financial Data Sharing and Aggregation to express the
Bureau's vision for the data aggregation market. The Bureau hosted a
symposium on consumer authorized financial data sharing in February
2020. In fall 2020, the Bureau expects to issue an Advance Notice of
Proposed Rulemaking concerning consumer data access to implement
section 1033 of the Dodd-Frank Act.
The Bureau has decided to add two new items to its long-term
regulatory agenda. This portion of the agenda focuses on potential
regulatory actions that an agency may engage in beyond the current
fiscal year. First, the Bureau is adding an entry related to its TILA/
RESPA Integrated Disclosures (TRID) rule. The Dodd-Frank Act directed
the Bureau to integrate the mortgage disclosures required under TILA
and RESPA. In November 2013, the Bureau issued a final rule to
implement this requirement (the TILA/RESPA Integrated Disclosure or
TRID rule). The Bureau amended the 2013 final rule on two occasions
before its effective date, and the amended rule took effect on October
3, 2015. The Bureau subsequently amended the 2013 final rule in July
2017 and April 2018. The July 2017 Amendments took effect on October
10, 2017, and the April 2018 Amendments took effect on June 1, 2018. As
noted below, in October 2020 the Bureau will publish a report of its
assessment of the TRID rule, as amended when the rule took effect in
October 2015, as required by section 1022(d) of the Dodd-Frank Act. The
Bureau has received feedback--in response to a November 2019 Request
for Information in connection with the TRID rule assessment, the
Bureau's 2018 Calls for Evidence, and other Bureau outreach--suggesting
that modifications of aspects of the TRID rule may make the rule more
effective. As the Bureau continues to monitor market developments, the
Bureau will evaluate possible policy responses to issues identified,
including potential rulemaking, guidance, or other activities. Possible
topics for consideration will be determined based on the findings in
the Bureau's assessment report as well as other input the Bureau
receives on the TRID rule.
Second, the Bureau has commenced research that focuses on providing
information to consumers about the costs associated with payday loans.
The goal of this research is to identify possible ways the Bureau may
be able to improve consumer understanding and aid consumer
decisionmaking around payday loans through rulemaking or other actions.
The first phase of this research involves qualitative testing, which
the Bureau anticipates completing by the end of September 2021. The
results of the qualitative testing will inform the Bureau in deciding
whether and how to move forward with quantitative testing that might
support possible future rulemaking or other actions related to payday
loan disclosures.
The Bureau is also actively reviewing existing regulations. Section
1022(d) of the Dodd-Frank Act requires the Bureau to conduct an
assessment of each significant rule or order adopted by the Bureau
under Federal consumer financial law and publish a report of each
assessment not later than 5 years after the effective date of the
subject matter or order. The Bureau expects to complete an assessment
of its TRID rule and certain amendments in October 2020.
The Regulatory Flexibility Act (RFA) also requires the Bureau to
consider the effect on small entities of certain rules it promulgates.
The Bureau published in May 2019 its plan for conducting reviews,
consistent with section 610 of the RFA, of certain regulations which
are believed to have a significant impact on a substantial number of
small entities. Congress specified that the purpose of such reviews
shall be to determine whether such rules should be continued without
change, or should be amended or rescinded, consistent with the stated
objectives of the applicable statutes, to minimize any significant
economic impact of the rules upon a substantial number of such small
entities. In August 2020 the Bureau commenced its review pursuant to
section 610 of the RFA of Regulation Z rules that implement the Credit
Card Accountability Responsibility and Disclosure Act of 2009.
Specifically, the Bureau will review an interim final rule and three
final rules published by the Board of Governors of the Federal Reserve
System (Board) from July 2009 to April 2011.
Finally, as required by the Dodd-Frank Act, the Bureau is also
continuing
[[Page 16997]]
to monitor markets for consumer financial products and services to
identify risks to consumers and the proper functioning of such markets.
As discussed in a recent report by the Government Accountability
Office, the Bureau's Division of Research, Markets, and Regulations and
specifically its Markets Offices continuously monitor market
developments and risks to consumers. The Bureau also has created a
number of cross-Bureau working groups focused around specific markets
which advance the Bureau's market monitoring work. The Bureau's market
monitoring work assists in identifying issues for potential future
rulemaking work.
Consumer Financial Protection Bureau--Prerule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
408....................... Business Lending Data 3170-AA09
(Regulation B).
------------------------------------------------------------------------
Consumer Financial Protection Bureau--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
409....................... Debt Collection Rule...... 3170-AA41
------------------------------------------------------------------------
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Prerule Stage
408. Business Lending Data (Regulation B)
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 1691c-2
Abstract: Section 1071 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) amended the Equal Credit
Opportunity Act (ECOA) to require, subject to rules prescribed by the
Bureau, financial institutions to report information concerning credit
applications made by women-owned, minority-owned, and small businesses.
The amendments to ECOA made by the Dodd-Frank Act require that certain
data be collected, maintained, and reported, including the number of
the application and date the application was received; the type and
purpose of the loan or credit applied for; the amount of credit applied
for and approved; the type of action taken with regard to each
application and the date of such action; the census tract of the
principal place of business; the gross annual revenue of the business;
and the race, sex, and ethnicity of the principal owners of the
business. The Dodd-Frank Act also provides authority for the Bureau to
require any additional data that the Bureau determines would aid in
fulfilling the purposes of this section. The Bureau may adopt
exceptions to any requirement of section 1071 and may exempt any
financial institution from its requirements, as the Bureau deems
necessary or appropriate to carry out section 1071's purposes. The
Bureau issued a Request for Information in 2017 seeking public comment
on, among other things, the types of credit products offered and the
types of data currently collected by lenders in this market, and the
potential complexity, cost of, and privacy issues related to, small
business data collection. In November 2019, the Bureau hosted a
symposium on small business data collection to facilitate its decision-
making. The symposium explored how to efficiently collect appropriate
data without imposing unnecessary or undue costs that could limit
access to credit from existing market participants or discourage new
entrants into the market for small business credit. The information
received in response to the Request for Information and the symposium
will help the Bureau as it determines how to implement the statute
efficiently while minimizing burdens on lenders. In addition, in July
2020, the Bureau released a survey of lenders to obtain estimates of
one-time costs lenders of varying sizes would incur to collect and
report data pursuant to section 1071. In September 2020, the Bureau
released an outline of proposals under consideration and alternatives
considered in advance of convening a panel under the Small Business
Regulatory Enforcement Fairness Act (SBREFA), in conjunction with the
Office of Management and Budget and the Small Business Administration's
Chief Counsel for Advocacy. Through this SBREFA process, the Bureau
will obtain feedback from representatives of small businesses on the
likely impacts the rules the Bureau is considering to implement section
1071 would have on small entities. The Bureau convened a SBREFA panel
in October 2020 and consistent with the Bureau's statutory obligations
under SBREFA, will complete the panel report within 60 days of the
panel's convening.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
Request for Information............. 05/15/17 82 FR 22318
Request for Information Comment 09/14/17 .......................
Period End.
Pre-rule Activity--SBREFA Outline... 09/15/20 .......................
Pre-rule Activity--SBREFA Report.... 12/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kristine Andreassen, Office of Regulations,
Consumer Financial Protection Bureau, Washington, DC 20552, Phone: 202
435-7700.
RIN: 3170-AA09
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Final Rule Stage
409. Debt Collection Rule
E.O. 13771 Designation: Independent agency.
Legal Authority: 15 U.S.C. 1692l(d)
Abstract: In May 2019, the Bureau issued a Notice of Proposed
Rulemaking (NPRM), which would prescribe rules under Regulation F to
govern the activities of debt collectors, as that term is defined under
the Fair Debt Collection Practices Act (FDCPA). The Bureau's proposal
would, among other things, address communications in connection with
debt collection; interpret and apply prohibitions on harassment or
abuse, false or misleading representations, and unfair practices in
debt collection; and clarify requirements
[[Page 16998]]
for certain consumer-facing debt collection disclosures. The proposal
builds on the Bureau's research and pre-rulemaking activities regarding
the debt collection market, including convening a panel in August 2016
under the Small Business Regulatory Enforcement Fairness Act (SBREFA)
in conjunction with the Office of Management and Budget and the Small
Business Administration's Chief Counsel for Advocacy. The conduct of
debt collectors remains a top source of complaints to the Bureau. The
Bureau expects to issue a final rule in October 2020 with regard to the
May 2019 NPRM. The Bureau has also engaged in testing of time-barred
debt disclosures that were not addressed in the May 2019 proposed rule.
In early 2020, after completing the testing, the Bureau issued a
supplemental NPRM related to time-barred debt disclosures. The Bureau
expects to issue a final rule in December 2020 addressing disclosures
related to the validation notice and time-barred debt.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
ANPRM............................... 11/12/13 78 FR 67847
ANPRM Comment Period Extended....... 01/14/14 79 FR 2384
ANPRM Comment Period End............ 02/10/14 .......................
ANPRM Comment Period Extended End... 02/28/14 .......................
Pre-Rule Activity--SBREFA Outline... 07/28/16 .......................
NPRM................................ 05/21/19 84 FR 23274
NPRM Comment Period Extended........ 08/02/19 84 FR 37806
NPRM Comment Period End............. 08/19/19 .......................
NPRM Comment Period Extended End.... 09/18/19 .......................
Supplemental NPRM................... 03/03/20 85 FR 12672
Supplemental NPRM Comment Period 03/27/20 85 FR 17299
Extended.
Supplemental NPRM Comment Period 08/04/20 .......................
Extended End.
Final Rule 1........................ 11/00/20 .......................
Final Rule 2--Disclosures........... 12/00/20 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Kristin McPartland, Office of Regulations, Consumer
Financial Protection Bureau, Washington, DC 20552, Phone: 202 435-7700.
RIN: 3170-AA41
[FR Doc. 2021-04346 Filed 3-30-21; 8:45 am]
BILLING CODE 4810-AM-P