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

Notice and Request for Comment Regarding Fees Imposed by Providers of Consumer Financial Products or Services
Document Number: 2022-06581
Type: Notice
Date: 2022-03-29
Agency: Bureau of Consumer Financial Protection
On January 26, 2022, the Consumer Financial Protection Bureau (Bureau or CFPB) requested comment from the public related to fees that are not subject to competitive processes that ensure fair pricing. The request for comment was published in the Federal Register on February 2, 2022, in a document titled, ``Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.'' The Bureau has determined that extension of the comment period until April 11, 2022, is appropriate.
Bulletin 2022-05: Unfair and Deceptive Acts or Practices That Impede Consumer Reviews
Document Number: 2022-06446
Type: Rule
Date: 2022-03-28
Agency: Bureau of Consumer Financial Protection
Reviews of products and services help to promote fair, transparent, and competitive markets. When firms frustrate the ability of consumers to post honest reviews of products and services that they use, they may be engaged in conduct prohibited by the Consumer Financial Protection Act (CFPA). The Consumer Financial Protection Bureau (Bureau) is issuing this bulletin to remind regulated entities of the CFPA's requirements and explain how the Bureau intends to exercise its enforcement and supervisory authorities on this issue.
Credit Union Advisory Council Meeting
Document Number: 2022-06083
Type: Notice
Date: 2022-03-23
Agency: Bureau of Consumer Financial Protection
Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Credit Union Advisory Council (CUAC or Council) of the Consumer Financial Protection Bureau (Bureau). The notice also describes the functions of the Council.
Community Bank Advisory Council Meeting
Document Number: 2022-06082
Type: Notice
Date: 2022-03-23
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 Consumer Financial Protection Bureau (Bureau). The notice also describes the functions of the Council.
Consumer Advisory Board Meeting
Document Number: 2022-06081
Type: Notice
Date: 2022-03-23
Agency: Bureau of Consumer Financial Protection
Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Consumer Advisory Board (CAB) of the Consumer Financial Protection Bureau (CFPB). The notice also describes the functions of the advisory board.
Academic Research Council Meeting
Document Number: 2022-06078
Type: Notice
Date: 2022-03-23
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 Consumer Financial Protection Bureau (Bureau). The notice also describes the functions of the Council.
Agency Information Collection Activities: Comment Request
Document Number: 2022-05014
Type: Notice
Date: 2022-03-10
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) requests the extension of the Office of Management and Budget's (OMB's) approval for an existing information collection titled, ``Generic Information Collection Plan for the Collection of Qualitative Feedback on Bureau Service Delivery.''
Agency Information Collection Activities: Comment Request
Document Number: 2022-04953
Type: Notice
Date: 2022-03-09
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the extension of the Office of Management and Budget's (OMB's) approval of the existing information collection titled ``Electronic Fund Transfer Act (Regulation E)'' approved under OMB Control Number 3170-0014.
Bulletin 2022-04: Mitigating Harm From Repossession of Automobiles
Document Number: 2022-04508
Type: Rule
Date: 2022-03-03
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing this Compliance Bulletin regarding repossession of vehicles, and the potential for violations of sections 1031 and 1036 of the Dodd- Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act's) prohibition on engaging in unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) when repossessing vehicles.
Bulletin 2022-03: Servicer Responsibilities in Public Service Loan Forgiveness Communications
Document Number: 2022-04266
Type: Rule
Date: 2022-03-01
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (CFPB) is issuing this Compliance Bulletin and Policy Guidance (Bulletin) regarding the servicing of Federal student loans, including Federal Family Education Loan Program and Perkins loans, for borrowers who may be eligible for Public Service Loan Forgiveness (PSLF). The Limited PSLF Waiver announced by the Department of Education on October 6, 2021 (PSLF Waiver) significantly changes the program's eligibility criteria for a limited period. In communicating with borrowers about the PSLF program, servicers should consider taking certain actions to ensure compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act's) prohibition on unfair, deceptive, or abusive acts or practices (collectively, UDAAPs). In its oversight, the CFPB will be paying particular attention to whether student loan servicers provide complete and accurate information to consumers about the benefits they can receive under the PSLF Waiver and eligibility for PSLF generally.
Agency Information Collection Activities: Comment Request
Document Number: 2022-03977
Type: Notice
Date: 2022-02-25
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection titled, ``Mortgage Acts and Practices Advertising (Regulation N).''
Agency Information Collection Activities: Comment Request
Document Number: 2022-03874
Type: Notice
Date: 2022-02-24
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection, titled ``Mortgage Assistance Relief Services (Regulation O).''
Bulletin 2022-02: Compliance Bulletin on the Electronic Fund Transfer Act's Compulsory Use Prohibition and Government Benefit Accounts
Document Number: 2022-03587
Type: Rule
Date: 2022-02-24
Agency: Bureau of Consumer Financial Protection
The Electronic Fund Transfer Act (EFTA) provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. The Bureau of Consumer Financial Protection (Bureau) is issuing this Compliance Bulletin to reiterate that this prohibition in EFTA applies to government benefit accounts.
Rules of Practice for Adjudication Proceedings
Document Number: 2022-02863
Type: Rule
Date: 2022-02-22
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (Bureau) is issuing this procedural rule to update its Rules of Practice for Adjudication Proceedings (Rules of Practice). This rule expands the opportunities for parties in adjudication proceedings to conduct depositions. It also contains various amendments regarding timing and deadlines, the content of answers, the scheduling conference, bifurcation of proceedings, the process for deciding dispositive motions, and requirements for issue exhaustion, as well as other technical changes. Overall, the amendments will provide the parties with earlier access to relevant information and also foster greater procedural flexibility, which should ultimately contribute to more effective and efficient proceedings. The Bureau welcomes comments on this rule, and the Bureau may make further amendments if it receives comments warranting changes.
Agency Information Collection Activities: Comment Request
Document Number: 2022-02526
Type: Notice
Date: 2022-02-08
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection titled ``Registration of Mortgage Loan Originators (Regulation G).''
Agency Information Collection Activities: Comment Request
Document Number: 2022-02440
Type: Notice
Date: 2022-02-07
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the extension of the Office of Management and Budget's (OMB's) approval of the existing information collection titled ``Certification of Vaccination'' approved under OMB Control Number 3170-0075.
Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services
Document Number: 2022-02071
Type: Notice
Date: 2022-02-02
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees that are not subject to competitive processes that ensure fair pricing. The submissions to this request for information will serve to assist the CFPB and policymakers in exercising its enforcement, supervision, regulatory, and other authorities to create fairer, more transparent, and competitive consumer financial markets.
Agency Information Collection Activities: Comment Request
Document Number: 2022-02090
Type: Notice
Date: 2022-02-02
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) is publishing this notice seeking comment on a Generic Information Collection titled ``Financial Well-Being Scale Malleability Survey'' prior to requesting the Office of Management and Budget's (OMB's) approval of this collection under the Generic Information Collection ``Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings'' under OMB Control Number 3170-0048.
Semiannual Regulatory Agenda
Document Number: 2021-27972
Type: Proposed Rule
Date: 2022-01-31
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing this agenda as part of the Fall 2021 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 1, 2021 to October 31, 2022. The next agenda will be published in Spring 2022 and will update this agenda through Spring 2023. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
Agency Information Collection Activities: Comment Request
Document Number: 2022-01758
Type: Notice
Date: 2022-01-28
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection titled ``Consumer Complaint Intake System Company Portal Boarding Form.''
Agency Information Collection Activities: Comment Request
Document Number: 2022-01803
Type: Notice
Date: 2022-01-28
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for an existing information collection titled ``Consumer Response Government and Congressional Portal Boarding Forms.''
Agency Information Collection Activities: Comment Request
Document Number: 2022-01484
Type: Notice
Date: 2022-01-26
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is publishing this notice seeking comment on a Generic Information Collection titled, ``Partnership with EVERFI to Study High School Students' Estimation of College Costs,'' prior to requesting the Office of Management and Budget's (OMB's) approval of this collection under the Generic Information Collection ``Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings'' under OMB Control number 3170-0048.
Notice and Request for Comment Regarding the CFPB's Inquiry Into Buy-Now-Pay-Later (BNPL) Providers
Document Number: 2022-01278
Type: Notice
Date: 2022-01-24
Agency: Bureau of Consumer Financial Protection
On December 16, 2021, the Consumer Financial Protection Bureau (Bureau) opened market monitoring orders, inquiring into Buy-Now-Pay- Later (BNPL) products in the United States to gain information about the size, scope, and business practices of the BNPL market. The information will help the Bureau better understand how consumers interact with BNPL providers, and how BNPL business models impact the broader e-commerce and consumer credit marketplaces. The Bureau also issued a press release to accompany these orders. The Bureau invites any interested parties, including consumers, small businesses, consumer advocates, financial institutions, trade associations, investors, state and Federal regulators and Attorneys General, and experts in consumer lending, payments, and marketing to submit comments to inform the agency's inquiry.
Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection With the No Surprises Act
Document Number: 2022-01012
Type: Rule
Date: 2022-01-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this compliance bulletin and policy guidance (Bulletin) to remind debt collectors of their obligation to comply with the Fair Debt Collection Practices Act's prohibition on false, deceptive, or misleading representations or means in connection with the collection of any debt and unfair or unconscionable means to collect or attempt to collect any debt, and to remind consumer reporting agencies and information furnishers to comply with the Fair Credit Reporting Act's accuracy and dispute resolution requirements, including when collecting, furnishing information about, and reporting medical debts covered by the No Surprises Act.
Civil Penalty Inflation Adjustments
Document Number: 2022-00672
Type: Rule
Date: 2022-01-14
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.
Agency Information Collection Activities: Comment Request
Document Number: 2022-00583
Type: Notice
Date: 2022-01-13
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, ``The Effect of Different Savings Elicitation Strategies on Emergency Savings Targets,'' prior to requesting the Office of Management and Budget's (OMB's) approval of this collection under the Generic Information Collection ``Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings'' under OMB Control number 3170-0048.
Agency Information Collection Activities: Comment Request
Document Number: 2021-28319
Type: Notice
Date: 2021-12-29
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, ``The Effect of Different Savings Elicitation Strategies on Emergency Savings Targets,'' prior to requesting the Office of Management and Budget's (OMB's) approval of this collection under the Generic Information Collection ``Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings'' under OMB Control number 3170-0048.
Agency Information Collection Activities: Comment Request
Document Number: 2021-28126
Type: Notice
Date: 2021-12-28
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, ``Generic Information Collection Plan for Consumer Complaint and Information Collection System (Testing and Feedback).''
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
Document Number: 2021-27900
Type: Rule
Date: 2021-12-23
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 changes in the asset-size thresholds for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. These changes reflect updates to the exemption from TILA's escrow requirement of creditors that, together with affiliates that regularly extended covered transactions secured by first liens, had total assets of less than $2 billion (adjusted annually for inflation) and the exemption the Bureau added, by implementing section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), for certain insured depository institutions and insured credit unions with assets of $10 billion or less (adjusted annually for inflation). These amendments are 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 4.7 percent increase in the average of the CPI-W for the 12-month period ending in November 2021, the exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.336 billion from $2.230 billion. The exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less (adjusted annually for inflation) is adjusted to $10.473 billion from $10 billion.
Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold
Document Number: 2021-27899
Type: Rule
Date: 2021-12-23
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 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 4.7 percent increase in the average of the CPI-W for the 12-month period ending in November 2021, the exemption threshold is adjusted to $50 million from $48 million. Therefore, banks, savings associations, and credit unions with assets of $50 million or less as of December 31, 2021, are exempt from collecting data in 2022.
Agency Information Collection Activities: Comment Request
Document Number: 2021-27225
Type: Notice
Date: 2021-12-16
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 ``Electronic Fund Transfer Act (Regulation E).''
Supervisory Highlights, Issue 25, Fall 2021
Document Number: 2021-26949
Type: Notice
Date: 2021-12-14
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau) is issuing its twenty fifth edition of Supervisory Highlights.
Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B)
Document Number: C1-2021-19274
Type: Proposed Rule
Date: 2021-12-13
Agency: Bureau of Consumer Financial Protection
Facilitating the LIBOR Transition (Regulation Z)
Document Number: 2021-25825
Type: Rule
Date: 2021-12-08
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the anticipated sunset of LIBOR, which is expected to be discontinued for most U.S. Dollar (USD) tenors in June 2023. Some creditors currently use USD LIBOR as an index for calculating rates for open-end and closed-end products. The Bureau is amending the 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 amending Regulation Z 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 April 1, 2022, if certain conditions are met. This final rule 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 amending Regulation Z 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. The Bureau is reserving judgment about whether to include references to a 1-year USD LIBOR index and its replacement index in various comments; the Bureau will consider whether to finalize comments proposed on that issue in a supplemental final rule once it obtains additional information.
Notice and Request for Comment Regarding the CFPB's Inquiry Into Big Tech Payment Platforms
Document Number: 2021-26562
Type: Notice
Date: 2021-12-07
Agency: Bureau of Consumer Financial Protection
On October 21, 2021, the Consumer Financial Protection (Bureau or CFPB) ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices. Accompanying the orders, the Director of the Bureau issued a statement and invited interested parties to comment on the inquiry. The statement and request for comment was published in the Federal Register on November 5, 2021, in a document titled, ``Notice and Request for Comment Regarding the CFPB's Inquiry Into Big Tech Payment Platforms.'' The Bureau has determined that a re-opening of the comment period until December 21, 2021, is appropriate.
Truth in Lending (Regulation Z)
Document Number: 2021-25910
Type: Rule
Date: 2021-11-30
Agency: Federal Reserve System, Agencies and Commissions, Bureau of Consumer Financial Protection
The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Under regulations adopted by the Board and the Bureau, if there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Because the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing Act elsewhere in the Rules section of this issue of the Federal Register.
Consumer Leasing (Regulation M)
Document Number: 2021-25909
Type: Rule
Date: 2021-11-30
Agency: Federal Reserve System, Agencies and Commissions, Bureau of Consumer Financial Protection
The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Under regulations adopted by the Board and the Bureau, if there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in the Rules section of this issue of the Federal Register.
Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
Document Number: 2021-25908
Type: Rule
Date: 2021-11-30
Agency: Federal Reserve System, Agencies and Commissions, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Bureau of Consumer Financial Protection
The OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ``higher-risk mortgages,'' termed ``higher-priced mortgage loans'' or ``HPMLs'' in the agencies' regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) jointly issued final rules implementing these requirements, effective January 18, 2014. The Agencies' rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the OCC, the Board, and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the CPI-W in effect as of June 1, 2021, the exemption threshold will increase from $27,200 to $28,500, effective January 1, 2022.
Fair Credit Reporting Act Disclosures
Document Number: 2021-25938
Type: Rule
Date: 2021-11-29
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending an appendix for Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Bureau is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to the FCRA; this final rule establishes the maximum allowable charge for the 2022 calendar year.
Request for Information Regarding the HMDA Rule Assessment
Document Number: 2021-25330
Type: Proposed Rule
Date: 2021-11-22
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the 2015 Home Mortgage Disclosure Act (HMDA) Rule and related amendments in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). The Bureau is requesting public comment on its plans for the assessment as well as certain recommendations and information that may be useful in conducting the planned assessment.
Agency Information Collection Activities: Comment Request
Document Number: 2021-24974
Type: Notice
Date: 2021-11-16
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 ``Certification of Vaccination.''
Agency Information Collection Activities: Comment Request
Document Number: 2021-24953
Type: Notice
Date: 2021-11-16
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 the Collection of Qualitative Feedback on Bureau Service Delivery.''
Fair Credit Reporting; Name-Only Matching Procedures
Document Number: 2021-24471
Type: Rule
Date: 2021-11-10
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this advisory opinion to highlight that a consumer reporting agency that uses inadequate matching procedures to match information to consumers, including name-only matching (i.e., matching information to the particular consumer who is the subject of a consumer report based solely on whether the consumer's first and last names are identical or similar to the names associated with the information), in preparing consumer reports is not using reasonable procedures to assure maximum possible accuracy under section 607(b) of the Fair Credit Reporting Act (FCRA).
Notice and Request for Comment Regarding the CFPB's Inquiry Into Big Tech Payment Platforms
Document Number: 2021-24176
Type: Notice
Date: 2021-11-05
Agency: Bureau of Consumer Financial Protection
On October 21, 2021, the Consumer Financial Protection Bureau (Bureau or CFPB) ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection. Accompanying the orders, the Director of the Bureau issued a statement which is reprinted in this document for public review and comment. The Bureau invites any interested parties, including consumers, small businesses, advocates, financial institutions, investors, and experts in privacy, technology, and national security to submit comments to inform the agency's inquiry.
Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
Document Number: 2021-23478
Type: Rule
Date: 2021-11-02
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2021.
Credit Union Advisory Council Meeting
Document Number: 2021-22608
Type: Notice
Date: 2021-10-19
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: 2021-22607
Type: Notice
Date: 2021-10-19
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.
Consumer Advisory Board Meeting
Document Number: 2021-22606
Type: Notice
Date: 2021-10-19
Agency: Bureau of Consumer Financial Protection
Under the Federal Advisory Committee Act (FACA), this notice sets forth the announcement of a public meeting of the Consumer Advisory Board (CAB or Board) of the Bureau of Consumer Financial Protection (Bureau). The notice also describes the functions of the Board.
Academic Research Council Meeting
Document Number: 2021-22605
Type: Notice
Date: 2021-10-19
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.
Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B)
Document Number: 2021-19274
Type: Proposed Rule
Date: 2021-10-08
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered financial institutions to collect and report to the Bureau data on applications for credit for small businesses, including those that are owned by women or minorities. The Bureau's proposal also addresses its approach to privacy interests and the publication of section 1071 data; shielding certain demographic data from underwriters and other persons; recordkeeping requirements; enforcement provisions; and the proposed rule's effective and compliance dates.