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

Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X)
Document Number: 2020-13853
Type: Rule
Date: 2020-06-30
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this interim final rule to amend Regulation X. The amendments temporarily permit mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation application. Eligible loss mitigation options, among other things, must permit borrowers to delay paying certain amounts until the mortgage loan is refinanced, the mortgaged property is sold, the term of the mortgage loan ends, or, for a mortgage insured by the Federal Housing Administration (FHA), the mortgage insurance terminates. These amounts include, without limitation, all principal and interest payments forborne through payment forbearance programs made available to borrowers experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency, including a payment forbearance program offered pursuant to section 4022 of the Coronavirus Aid, Relief, and Economic Security Act. These amounts also include principal and interest payments that are due and unpaid by borrowers experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency.
Agency Information Collection Activities: Comment Request
Document Number: 2020-13948
Type: Notice
Date: 2020-06-29
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is publishing this notice seeking comment on a generic Information Collection titled, ``Debt Collection Validation Notice Qualitative Testing'' under the Generic Information Collection Plan entitled, ``Generic Information Collection Plan for the Development and Testing of Disclosures and Related Materials'' prior to requesting Office of Management and Budget's (OMB's) approval of this collection.
Truth in Lending (Regulation Z); Determining “Underserved” Areas Using Home Mortgage Disclosure Act Data
Document Number: 2020-13801
Type: Rule
Date: 2020-06-26
Agency: Bureau of Consumer Financial Protection
This interpretive rule construes the Bureau of Consumer Financial Protection's (Bureau's) Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau produces annually a list of rural and underserved counties and areas that is used in applying various Regulation Z provisions, such as the exemption from the requirement to establish an escrow account for a higher-priced mortgage loan and the ability to originate balloon-payment qualified mortgages. Regulation Z states that an area is ``underserved'' during a calendar year if, according to Home Mortgage Disclosure Act (HMDA) data for the preceding calendar year, it is a county in which no more than two creditors extended covered transactions, as defined in Regulation Z, secured by first liens on properties in the county five or more times. The official commentary provides an interpretation relating to this standard that refers to certain data elements from the previous version of the Bureau's Regulation C, which implements HMDA, that were modified or eliminated in the 2015 amendments to Regulation C. The Bureau is issuing this interpretive rule to supersede that now outdated interpretation, specifically by describing below the HMDA data that will instead be used in determining that an area is ``underserved.''
Advisory Opinions Proposal
Document Number: 2020-13505
Type: Proposed Rule
Date: 2020-06-22
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) invites the public to comment on a new advisory opinion program (Proposed AO Program), and a proposed information collection associated with requests submitted by persons requesting advisory opinions under the Proposed AO Program, as required by the Paperwork Reduction Act of 1995.
Advisory Opinions Pilot
Document Number: 2020-13504
Type: Rule
Date: 2020-06-22
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) announces the establishment of a new pilot advisory opinion program (Pilot AO Program).
Facilitating the LIBOR Transition (Regulation Z)
Document Number: 2020-12239
Type: Proposed Rule
Date: 2020-06-18
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the sunset of LIBOR, which is expected to be discontinued after 2021. Some creditors currently use LIBOR as an index for calculating rates for open-end and closed-end products. The Bureau is proposing changes to open-end and closed-end provisions to provide examples of replacement indices for LIBOR indices that meet certain Regulation Z standards. The Bureau also is proposing to permit creditors for home equity lines of credit (HELOCs) and card issuers for credit card accounts to transition existing accounts that use a LIBOR index to a replacement index on or after March 15, 2021, if certain conditions are met. The proposal also addresses change-in-terms notice provisions for HELOCs and credit card accounts and how they apply to accounts transitioning away from using a LIBOR index. Lastly, the Bureau is proposing to address how the rate reevaluation provisions applicable to credit card accounts apply to the transition from using a LIBOR index to a replacement index.
Agency Information Collection Activities: Comment Request
Document Number: 2020-12853
Type: Notice
Date: 2020-06-15
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is requesting to renew the Office of Management and Budget's (OMB's) approval for an existing information collection titled, ``Fair Credit Reporting Act (Regulation V).''
Agency Information Collection Activities: Comment Request
Document Number: 2020-12508
Type: Notice
Date: 2020-06-10
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is publishing this notice seeking comment on a Generic Information Collection titled, ``Account Level Data Collection from PACE Program Administrators'' under the Generic Information Collection Plan titled, ``Generic Information Collection Plan for Information on Compliance Costs and Other Effects of Regulations'' prior to requesting the Office of Management and Budget's (OMB's) approval of this collection.
Notice of Availability of Revised Consumer Information Publication
Document Number: 2020-12467
Type: Notice
Date: 2020-06-09
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) announces the availability of an updated consumer publication, the Consumer Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM booklet, required under the Real Estate Settlement Procedures Act (RESPA) implemented by Regulation X and the Truth in Lending Act (TILA) implemented by Regulation Z. This version of the CHARM booklet is updated to align with the Bureau's educational efforts, to be more concise, and to improve readability and usability.
Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E)
Document Number: 2020-10278
Type: Rule
Date: 2020-06-05
Agency: Bureau of Consumer Financial Protection
The Electronic Fund Transfer Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes certain protections for consumers sending international money transfers, or remittance transfers. The Bureau of Consumer Financial Protection's (Bureau) remittance rule in Regulation E (Remittance Rule or Rule) implements these protections. The Bureau is amending Regulation E and the official interpretations of Regulation E to provide tailored exceptions to address compliance challenges that insured institutions may face in certain circumstances upon the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020. In addition, the Bureau is increasing a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business.
Agency Information Collection Activities: Comment Request
Document Number: 2020-11901
Type: Notice
Date: 2020-06-03
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, ``Start Small, Save Up Workforce Questionnaire.''
Debt Collection Practices (Regulation F); Extension of Comment Period
Document Number: 2020-10966
Type: Proposed Rule
Date: 2020-05-21
Agency: Bureau of Consumer Financial Protection
On March 3, 2020, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Supplemental Notice of Proposed Rulemaking (SNPRM) requesting comment on the Bureau's proposal to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), to require debt collectors to make certain disclosures when collecting time-barred debts. The SNPRM provided a 60- day comment period that was set to close on May 4, 2020. In a document published in the Federal Register on March 27, 2020, the Bureau extended the comment period until June 5, 2020. To allow interested persons more time to consider and submit their comments, the Bureau has determined that a further extension of the comment period until August 4, 2020, is appropriate.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2020-10600
Type: Notice
Date: 2020-05-18
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 renewal of the Office of Management and Budget's (OMB) approval for the information collection titled, ``Consumer Response Company Response Survey.''
Home Mortgage Disclosure (Regulation C)
Document Number: 2020-08409
Type: Rule
Date: 2020-05-12
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation C to increase the threshold for reporting data about closed-end mortgage loans, so that institutions originating fewer than 100 closed-end mortgage loans in either of the two preceding calendar years will not have to report such data effective July 1, 2020. The Bureau is also setting the threshold for reporting data about open-end lines of credit at 200 open-end lines of credit effective January 1, 2022, upon the expiration of the current temporary threshold of 500 open-end lines of credit.
Fair Lending Report of the Bureau of Consumer Financial Protection, April 2020
Document Number: 2020-09890
Type: Notice
Date: 2020-05-08
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing its eighth Fair Lending Report of the Bureau of Consumer Financial Protection (Fair Lending Report) to Congress. The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019.
Application of Certain Provisions in the TILA-RESPA Integrated Disclosure Rule and Regulation Z Right of Rescission Rules in Light of the COVID-19 Pandemic
Document Number: 2020-09515
Type: Rule
Date: 2020-05-04
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule to provide guidance to creditors and other covered persons involved in the mortgage origination process. The Bureau understands that the COVID-19 pandemic could pose temporary business disruptions and challenges for covered persons that are involved in the mortgage origination process, including creditors, loan originators, settlement agents, and other parties such as real estate appraisers. The Bureau recognizes, furthermore, that consumers may have acute needs for proceeds from mortgage transactions as well as uncertainty and confusion about the origination process. In recent weeks, the Bureau has received a number of questions and requests for clarification from stakeholders, including creditors, industry representatives, and State regulators, about the application of certain provisions in the TILA-RESPA Integrated Disclosure (TRID) Rule and Regulation Z's right of rescission rules (Regulation Z Rescission Rules) in light of the COVID-19 pandemic. The Bureau concludes in this interpretive rule that if a consumer determines that his or her need to obtain funds due to the COVID-19 pandemic (1) necessitates consummating the credit transaction before the end of the TRID Rule waiting periods or (2) must be met before the end of the Regulation Z Rescission Rules waiting period, then the consumer has a bona fide personal financial emergency that would permit the consumer to utilize the modification and waiver provisions, subject to the applicable procedures set forth in the TRID Rule and Regulation Z Rescission Rules. The Bureau also concludes in this interpretive rule that the COVID-19 pandemic is a ``changed circumstance'' for purposes of certain TRID Rule provisions, allowing creditors to use revised estimates reflecting changes in settlement charges for purposes of determining good faith. This interpretive rule will help expedite consumers' access to credit under the TRID Rule and Regulation Z Rescission Rules.
Bulletin 2020-02-Compliance Bulletin and Policy Guidance: Handling of Information and Documents During Mortgage Servicing Transfers
Document Number: 2020-09151
Type: Rule
Date: 2020-05-01
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing a compliance bulletin and policy guidance (Bulletin) entitled, ``Compliance Bulletin and Policy Guidance: Handling of Information and Documents During Mortgage Servicing Transfers.'' The purpose of the policy statement is to provide guidance to residential mortgage servicers regarding the transfer of mortgage loans, including examples of practices that the Bureau may consider as contributing to policies and procedures that are reasonably designed to achieve the objectives of the regulatory requirements.
Treatment of Pandemic Relief Payments Under Regulation E and Application of the Compulsory Use Prohibition
Document Number: 2020-08084
Type: Rule
Date: 2020-04-27
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule to provide guidance to government agencies distributing aid to consumers in response to the COVID-19 pandemic. The Bureau concludes in this interpretive rule that certain pandemic-relief payments are not ``government benefits'' for purposes of Regulation E and the Electronic Fund Transfer Act (EFTA) and are therefore not subject to the compulsory use prohibition in EFTA, if certain conditions are met. Specifically, government benefits do not include payments from Federal, State, or local governments if those payments: Are made to provide assistance to consumers in response to the COVID-19 pandemic or its economic impacts; are not part of an already-established government benefit program; are made on a one-time or otherwise limited basis; and are distributed without a general requirement that consumers apply to the agency to receive funds.
Community Bank Advisory Council Meeting
Document Number: 2020-08000
Type: Notice
Date: 2020-04-16
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 Community Bank Advisory Council (CBAC or Council) of the Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Credit Union Advisory Council Meeting
Document Number: 2020-07996
Type: Notice
Date: 2020-04-16
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 Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Academic Research Council Meeting
Document Number: 2020-07993
Type: Notice
Date: 2020-04-16
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 Academic Research Council (ARC or Council) of the Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Request For Information To Assist the Taskforce on Federal Consumer Financial Law
Document Number: 2020-06749
Type: Notice
Date: 2020-04-01
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Taskforce on Federal Consumer Financial Law (Taskforce). The Taskforce is an independent body within the Bureau and reports to the Bureau's Director. The Taskforce is charged with developing recommendations on harmonizing, modernizing, and updating the Federal consumer financial laws, as well as identifying gaps in knowledge that should be addressed through research, ways to improve consumer understanding of markets and products, and potential conflicts or inconsistencies in existing regulations and guidance.
Debt Collection Practices (Regulation F); Extension of Comment Period
Document Number: 2020-06237
Type: Proposed Rule
Date: 2020-03-27
Agency: Bureau of Consumer Financial Protection
On March 3, 2020, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Supplemental Notice of Proposed Rulemaking (SNPRM) requesting comment on the Bureau's proposal to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), to require debt collectors to make certain disclosures when collecting time-barred debts. The SNPRM provided a 60- day comment period that was set to close on May 4, 2020. To allow interested persons more time to consider and submit their comments, the Bureau has determined that an extension of the comment period until June 5, 2020, is appropriate.
Responsible Business Conduct: Self-Assessing, Self-Reporting, Remediating, and Cooperating (CFPB BULLETIN 2020-01)
Document Number: 2020-05505
Type: Rule
Date: 2020-03-20
Agency: Bureau of Consumer Financial Protection
In 2013, the Bureau of Consumer Financial Protection (Bureau) issued a Bulletin that identified several activities that businesses could engage in that could prevent and minimize harm to consumers, referring to these activities as ``responsible conduct.'' The Bureau is issuing this updated Bulletin to clarify its approach to responsible conduct and to reiterate the importance of such conduct.
Debt Collection Practices (Regulation F)
Document Number: 2020-03838
Type: Proposed Rule
Date: 2020-03-03
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) proposes to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for State application for exemption from the provisions of the FDCPA. On May 21, 2019, the Bureau published in the Federal Register a proposed rule (May 2019 Proposed Rule) that would prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. This proposal supplements the May 2019 Proposed Rule by proposing to require debt collectors to make certain disclosures when collecting time-barred debts.
Privacy Act of 1974; System of Records
Document Number: 2020-02629
Type: Notice
Date: 2020-02-28
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the establishment of a Privacy Act System of Records. The Federal Document Management System (FDMS) provides the Bureau with the ability to electronically access and manage its rulemaking dockets and other dockets related to documents published in the Federal Register requesting public comment, including public comments or supporting materials and allows the public to find and review such materials on Regulations.gov.
Academic Research Council Meeting
Document Number: 2020-03758
Type: Notice
Date: 2020-02-25
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 Academic Research Council (ARC or Council) of the Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Credit Union Advisory Council Meeting
Document Number: 2020-03757
Type: Notice
Date: 2020-02-25
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 Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Community Bank Advisory Council Meeting
Document Number: 2020-03756
Type: Notice
Date: 2020-02-25
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 Community Bank Advisory Council (CBAC or Council) of the Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Council.
Supervisory Highlights, Issue 21 (Winter 2020)
Document Number: 2020-03301
Type: Notice
Date: 2020-02-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing its twenty first edition of Supervisory Highlights. In this issue of Supervisory Highlights, we report examination findings in the areas of debt collection, mortgage servicing, payday lending and student loan servicing that were completed between April 2019 and August 2019. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2020-02545
Type: Notice
Date: 2020-02-10
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, ``Application Forms for Financial Empowerment Training Programs.''
Statement of Policy Regarding Prohibition on Abusive Acts or Practices
Document Number: 2020-01661
Type: Rule
Date: 2020-02-06
Agency: Bureau of Consumer Financial Protection
Section 1031(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provides that the Bureau of Consumer Financial Protection (Bureau) may use its supervisory and enforcement authority, among other things, to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service. Section 1031(d) of the Dodd-Frank Act sets forth general standards for when the Bureau may declare that an act or practice is abusive for purposes of the Dodd-Frank Act. Uncertainty remains as to the scope and meaning of abusiveness. This uncertainty creates challenges for covered persons in complying with the law. The Bureau wants to make sure that such uncertainty does not impede or deter the provision of otherwise lawful financial products or services that could be beneficial to consumers. To convey and foster greater certainty about the meaning of abusiveness, this general statement of policy (Policy Statement) provides a framework for the Bureau's exercise of its supervisory and enforcement authority to address abusive acts or practices.
Policy Statement on Compliance Aids
Document Number: 2020-00648
Type: Rule
Date: 2020-01-27
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing this policy statement in order to announce a new designation for certain Bureau guidance, known as ``Compliance Aids,'' and to explain the legal status and role of guidance with that designation.
Agency Information Collection Activities: Comment Request
Document Number: 2020-01156
Type: Notice
Date: 2020-01-24
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 renewal of the Office of Management and Budget (OMB) approval for the information collection titled, ``Consumer Response Company Response Survey.''
Privacy Act of 1974; System of Records
Document Number: 2020-00141
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The information in the system enables the Bureau to carry out its responsibilities under the Freedom of Information Act (FOIA) and the Privacy Act (PA), including enabling staff to receive, track, and respond to requests. The Bureau is modifying the system of records in order to update descriptions of the system location; the system manager; the address whereby a member of the public can request access to records, contest records, or request notification whether a system contains a record pertaining to him or her; and the policies and practices for retention and disposal of records.
Privacy Act of 1974; System of Records
Document Number: 2020-00140
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The information in the system will enable the Bureau to carry out its responsibilities with respect to banks, savings associations, credit unions, and their affiliates and service providers, including the coordination and conduct of examinations, supervisory evaluations and analyses, enforcement actions, actions in Federal court, and coordination with other financial regulatory agencies. The Bureau is modifying the system of records in order to update descriptions of the system location; the system manager; the address whereby a member of the public can request access to records, contest records, or request notification whether a system contains a record pertaining to him or her; and the policies and practices for retention and disposal of records.
Privacy Act of 1974; System of Records
Document Number: 2020-00139
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The information in the system will enable the Bureau to carry out its responsibilities with respect to non-depository covered persons and service providers, including the coordination and conduct of examinations, supervisory evaluations and analyses, enforcement actions, actions in Federal court, and coordination with other financial regulatory agencies. The Bureau is modifying the system of records in order to update descriptions of the system location; the system manager; the address whereby a member of the public can request access to records, contest records, or request notification whether a system contains a record pertaining to him or her; and the policies and practices for retention and disposal of records.
Privacy Act of 1974; System of Records
Document Number: 2020-00132
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The information will enable the Bureau to carry out its responsibilities with respect to enforcement of title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other federal consumer financial law, including: (1) The investigation of potential violations of federal consumer financial law; (2) the pursuit of administrative or civil enforcement actions; and (3) the referral of matters, as appropriate, to the Department of Justice or other Federal or State agencies. The Bureau is modifying the system of records in order to update descriptions of the system location; the system manager; the address whereby a member of the public can request access to records, contest records, or request notification whether a system contains a record pertaining to him or her; and the policies and practices for retention and disposal of records.
Privacy Act of 1974; System of Records
Document Number: 2020-00131
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The purpose of the system is to collect and maintain information relating to potential small entity representatives who may or will: (1) Consult with the Bureau and other Small Business Review Panel members and provide advice and recommendations about the potential economic impacts of regulatory proposals under consideration on small entities subject to the proposals; and/or (2) consult with the Bureau about any projected impact on the cost of credit to small entities related to the proposals under consideration and significant alternatives to minimize any such impact while achieving statutory objectives. This modified system of records updates the address of the system manager and the description of the policies and practices for retention and disposal of records.
Privacy Act of 1974; System of Records
Document Number: 2020-00130
Type: Notice
Date: 2020-01-22
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau (Bureau), gives notice of the modification of a Privacy Act System of Records. The information in the system will enable the Bureau to identify and conduct effective financial education programs and to collect, research, and publish certain information relevant to understanding and improving consumer financial decision-making and well-being. The Bureau is modifying the system of records in order to update descriptions of the system location; the system manager; and the policies and practices for retention and disposal of records.
Agency Information Collection Activities: Comment Request
Document Number: 2020-00744
Type: Notice
Date: 2020-01-17
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is publishing this notice seeking comment on a Generic Information Collection titled, ``Small Business Compliance Cost Survey under the Generic Information Collection Plan'' titled, ``Generic Information Collection Plan for Information on Compliance Costs and Other Effects of Regulations'' prior to requesting Office of Management and Budget (OMB) approval of this collection of information.
Civil Penalty Inflation Adjustments
Document Number: 2020-00364
Type: Rule
Date: 2020-01-14
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, 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 (Inflation Adjustment Act). 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.
Advisory Committees Solicitation of Applications for Membership
Document Number: 2020-00308
Type: Notice
Date: 2020-01-13
Agency: Bureau of Consumer Financial Protection
Pursuant to the authorities given to the Director of the Bureau of Consumer Financial Protection (Bureau) under the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Director Kraninger invites the public to apply for membership for appointment to its Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC) (collectively, advisory committees). Membership of the advisory committees includes representatives of consumers, diverse communities, the financial services industry, academics, and economists. Appointments to the committees are generally for two years. However, the Director may amend the respective committee charters from time to time during the charter terms, as the Director deems necessary to accomplish the purpose of the committees. The Bureau expects to announce the selection of new members in late-summer 2020.
Semiannual Regulatory Agenda
Document Number: 2019-26636
Type: Proposed Rule
Date: 2019-12-26
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing this agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Bureau reasonably anticipates having the regulatory matters identified below under consideration during the period from October 1, 2019, to September 30, 2020. The next agenda will be published in spring 2020 and will update this agenda through spring 2021. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
Truth in Lending Act (Regulation Z) Adjustment To Asset-Size Exemption Threshold
Document Number: 2019-27523
Type: Rule
Date: 2019-12-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (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. This amendment is 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 1.6 percent increase in the average of the CPI-W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $2.202 billion from $2.167 billion. Therefore, creditors with assets of less than $2.202 billion (including assets of certain affiliates) as of December 31, 2019, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2020.
Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold
Document Number: 2019-27522
Type: Rule
Date: 2019-12-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is 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 1.6 percent increase in the average of the CPI-W for the 12-month period ending in November 2019, the exemption threshold is adjusted to $47 million from $46 million. Therefore, banks, savings associations, and credit unions with assets of $47 million or less as of December 31, 2019, are exempt from collecting data in 2020.
Supervisory Highlights Consumer Reporting Special Edition, Issue 20 (Fall 2019)
Document Number: 2019-26669
Type: Notice
Date: 2019-12-11
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing its twentieth edition of its Supervisory Highlights. In this special issue of Supervisory Highlights, we report examination findings in the areas of consumer reporting and furnishing of information to consumer reporting companies, pursuant to the Fair Credit Reporting Act and Regulation V. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations.
Agency Information Collection Activities: Notice of Office of Management and Budget Approval of Information Collection Requirements
Document Number: 2019-26366
Type: Notice
Date: 2019-12-06
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA) and the Code of Federal Regulations, the Consumer Financial Protection Bureau (Bureau) is announcing Office of Management and Budget (OMB) approval of revised information collection requirements contained in a final rule published in the Federal Register on October 29, 2019, regarding Regulation C, Home Mortgage Disclosure. See the SUPPLEMENTARY INFORMATION section below for additional information about this OMB approval.
Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E)
Document Number: 2019-25944
Type: Proposed Rule
Date: 2019-12-06
Agency: Bureau of Consumer Financial Protection
The Electronic Fund Transfer Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), establishes certain protections for consumers sending international money transfers, or remittance transfers. The Bureau of Consumer Financial Protection's (Bureau) remittance rule in Regulation E (Remittance Rule or Rule) implements these protections. The Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21, 2020. In addition, the Bureau is proposing to increase a safe harbor threshold in the Rule related to whether a person makes remittance transfers in the normal course of its business, which would have the effect of reducing compliance costs for entities that make a limited number of remittance transfers annually.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2019-26021
Type: Notice
Date: 2019-12-02
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 Surveys Using the Consumer Credit Panel.''