Bureau of Consumer Financial Protection 2012 – Federal Register Recent Federal Regulation Documents

Home Mortgage Disclosure (Regulation C): Adjustment To Asset-Size Exemption Threshold
Document Number: 2012-31311
Type: Rule
Date: 2012-12-31
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The exemption threshold is adjusted to increase to $42 million from $41 million. The adjustment is based on the 2.23 percent increase in the average of the CPI-W for the 12-month period ending in November 2012. Therefore, banks, savings associations, and credit unions with assets of $42 million or less as of December 31, 2012, are exempt from collecting data in 2013.
Electronic Fund Transfers (Regulation E)
Document Number: 2012-31170
Type: Proposed Rule
Date: 2012-12-31
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend subpart B of Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. The proposal would refine a final rule issued by the Bureau earlier in 2012 that implements section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The proposal addresses three narrow issues. First, the proposal would provide additional flexibility regarding the disclosure of foreign taxes, as well as fees imposed by a designated recipient's institution for receiving a remittance transfer in an account. Second, the proposal would limit a remittance transfer provider's obligation to disclose foreign taxes to those imposed by a country's central government. Third, the proposal would revise the error resolution provisions that apply when a remittance transfer is not delivered to a designated recipient because the sender provided incorrect or insufficient information, and, in particular, when a sender provides an incorrect account number and that incorrect account number results in the funds being deposited in the wrong account. The Bureau is also proposing to temporarily delay and extend the effective date of the rule.
Procedure Relating to Rulemaking
Document Number: 2012-31310
Type: Rule
Date: 2012-12-28
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is adopting a procedural rule (Final Rule) that specifies how the Bureau issues rules and when rules are considered issued.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-31138
Type: Notice
Date: 2012-12-27
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning its proposed information collection titled, ``Clearance for Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products.'' The proposed collection has been submitted to the Office of Management and Budget (OMB) for review and approval. A copy of the submission, including copies of the proposed collection and supporting documentation, may be obtained by contacting the agency contact listed below.
Request for Information Regarding Credit Card Market
Document Number: 2012-30609
Type: Notice
Date: 2012-12-20
Agency: Bureau of Consumer Financial Protection
Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Bureau of Consumer Financial Protection (Bureau) to conduct a review (Review) of the consumer credit card market, within the limits of its existing resources available for reporting purposes. In connection with conducting that Review, and in accordance with Section 502(b) of the CARD Act, the Bureau is soliciting information from the public about a number of aspects of the consumer credit card market, which are described further below.
Fair Credit Reporting Act Disclosures
Document Number: 2012-30373
Type: Notice
Date: 2012-12-18
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) announces that the ceiling on allowable charges under Section 612(f) of the Fair Credit Reporting Act (FCRA) will remain unchanged at $11.50 for 2013. The Bureau is required to increase the $8.00 amount referred to in Section 612(f)(1)(A)(i) of the FCRA on January 1 of each year, based proportionally on changes in the Consumer Price Index for All Urban Consumers (CPI-U), with fractional changes rounded to the nearest fifty cents. The CPI-U increased 42.74 percent between September 1997, the date the FCRA amendments took effect, and September 2012. This increase in the CPI-U, and the requirement that any increase be rounded to the nearest fifty cents, results in no change in the maximum allowable charge of $11.50.
Policy To Encourage Trial Disclosure Programs; Information Collection
Document Number: 2012-30159
Type: Proposed Rule
Date: 2012-12-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) invites the general public and other Federal agencies to take this opportunity to comment on its proposed Policy to Encourage Trial Disclosure Programs (Policy), which is intended to carry out the Bureau's authority under Section 1032(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), and also a proposed information collection associated with applications submitted by companies seeking Bureau approval to conduct trial disclosure programs under the proposed Policy as required by the Paperwork Reduction Act of 1995.
Defining Larger Participants of the Consumer Debt Collection Market; Correction
Document Number: 2012-29438
Type: Rule
Date: 2012-12-07
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection published in the Federal Register of October 31, 2012 a final rule amending the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for consumer debt collection. The final rule contained four typographical errors, which this document corrects.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-29437
Type: Notice
Date: 2012-12-06
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed information collections, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning its proposed information collection titled, ``Clearance for Financial Education Program Evaluation.'' The proposed collection has been submitted to the Office of Management and Budget (OMB) for review and approval. A copy of the submission, including copies of the proposed collection and supporting documentation, may be obtained by contacting the agency contact listed below.
Delayed Implementation of Certain New Mortgage Disclosures
Document Number: 2012-28341
Type: Rule
Date: 2012-11-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z (Truth in Lending) to, in effect, delay implementation of certain new mortgage disclosure requirements in title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act that would otherwise take effect on January 21, 2013. Instead, to avoid potential consumer confusion and reduce compliance burden for industry, the Bureau plans to implement these disclosures as part of the integrated mortgage disclosure forms proposed earlier this year, which combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Accordingly, this rulemaking exempts persons from complying with these mortgage disclosure requirements and provides that such exemptions are intended to last only until the integrated mortgage disclosure forms take effect.
Truth in Lending (Regulation Z)
Document Number: 2012-27997
Type: Rule
Date: 2012-11-21
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing a final rule amending the official interpretations for Regulation Z (Truth in Lending). The Bureau is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home- secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Bureau has adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1, 2012. The adjusted dollar amount for 2013 is $625.
Consumer Leasing (Regulation M)
Document Number: 2012-27996
Type: Rule
Date: 2012-11-21
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 Consumer Leasing Act (CLA). Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by increasing the threshold for exempt consumer leases from $25,000 to $50,000 and requiring that, on or after December 31, 2011, this threshold be adjusted annually by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Accordingly, the exemption threshold was adjusted to $51,800 effective January 1, 2012. Based on the annual percentage increase in the CPI-W as of June 1, 2012, the Board and the Bureau are adjusting the exemption threshold from $51,800 to $53,000, effective January 1, 2013. 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 Federal Register.
Truth in Lending (Regulation Z)
Document Number: 2012-27993
Type: Rule
Date: 2012-11-21
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). Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by increasing the threshold for exempt consumer credit transactions from $25,000 to $50,000 and requiring that, on or after December 31, 2011, this threshold be adjusted annually by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI- W). Accordingly, the exemption threshold was adjusted to $51,800 effective January 1, 2012. Based on the annual percentage increase in the CPI-W as of June 1, 2012, the Board and the Bureau are adjusting the exemption threshold from $51,800 to $53,000, effective January 1, 2013. 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 Federal Register.
Privacy Act of 1974, as Amended
Document Number: 2012-27582
Type: Notice
Date: 2012-11-14
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 (``CFPB'' or the ``Bureau''), gives notice of the establishment of a Privacy Act System of Records.
Fair Credit Reporting (Regulation V); Correction
Document Number: 2012-27581
Type: Rule
Date: 2012-11-14
Agency: Bureau of Consumer Financial Protection
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Fair Credit Reporting Act (FCRA), as amended, the Bureau of Consumer Financial Protection (Bureau) published for public comment an interim final rule establishing a new Regulation V (Fair Credit Reporting) on December 21, 2011. This document corrects typographical and other technical errors in Appendices I, K, M, and N of the interim final rule, which contain model forms.
Truth in Lending (Regulation Z)
Document Number: 2012-26008
Type: Proposed Rule
Date: 2012-11-07
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), and the official interpretation to the regulation, which interprets the requirements of Regulation Z. Regulation Z generally prohibits a card issuer from opening a credit card account for a consumer, or increasing the credit limit applicable to a credit card account, unless the card issuer considers the consumer's ability to make the required payments under the terms of such account. Regulation Z currently requires that issuers consider the consumer's independent ability to pay, regardless of the consumer's age; in contrast, TILA expressly requires consideration of an independent ability to pay only for applicants who are under the age of 21. The Bureau requests comment on proposed amendments that would remove the independent ability-to-pay requirement for consumers who are 21 and older, and permit issuers to consider income to which such consumers have a reasonable expectation of access.
Defining Larger Participants of the Consumer Debt Collection Market
Document Number: 2012-26467
Type: Rule
Date: 2012-10-31
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) amends the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for consumer debt collection. The final rule thereby facilitates the supervision of nonbank covered persons active in that market. The Bureau is issuing the final rule pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. That law grants the Bureau authority to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank ``larger participant[s]'' of markets for other consumer financial products or services, as the Bureau defines by rule. An initial rule defining larger participants of a market for consumer reporting was published in the Federal Register on July 20, 2012 (Consumer Reporting Rule).
Privacy Act of 1974, as Amended
Document Number: 2012-26141
Type: Notice
Date: 2012-10-24
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 (``CFPB'' or the ``Bureau''), gives notice of the establishment of a Privacy Act System of Records.
Privacy Act of 1974; System of Records
Document Number: 2012-25487
Type: Notice
Date: 2012-10-19
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 (``CFPB'' or the ``Bureau'') gives notice of the establishment of a modified Privacy Act System of Records.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-25559
Type: Notice
Date: 2012-10-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed information collections, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning its proposed information collection titled, ``Generic Clearance for the Collection of Qualitative Feedback on the Service Delivery of the Consumer Financial Protection Bureau.'' The proposed collection has been submitted to the Office of Management and Budget (OMB) for review and approval. A copy of the submission may be obtained by contacting the agency contact listed below.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-24635
Type: Notice
Date: 2012-10-10
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed information collections, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning its proposed information collections titled, ``Generic Clearance for Collection of Information on Compliance Costs and Other Effects of Regulations.'' A proposed collection has been submitted to the Office of Management and Budget (OMB) for review and approval. A copy of the submission, including copies of a proposed collection and supporting documentation, may be obtained by contacting the agency contact listed below.
Privacy Act of 1974, as Amended
Document Number: 2012-24311
Type: Notice
Date: 2012-10-03
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 (``CFPB'' or the ``Bureau''), gives notice of the establishment of a Privacy Act System of Records.
Privacy Act of 1974, as Amended
Document Number: 2012-23756
Type: Notice
Date: 2012-09-27
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 (``CFPB'' or the ``Bureau''), gives notice of the establishment of a revised Privacy Act System of Records.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-22990
Type: Notice
Date: 2012-09-18
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning its proposed information collection titled, ``Pentagon Federal Credit Card Agreement Simplification Survey.'' The proposed collection has been submitted to the Office of Management and Budget for review and approval. A copy of the submission, including copies of the proposed collection and supporting documentation, may be obtained by contacting the agency contact listed below.
2012 Truth in Lending Act (Regulation Z) Mortgage Servicing
Document Number: 2012-19977
Type: Proposed Rule
Date: 2012-09-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (the Bureau or CFPB) is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or DFA) provisions regarding mortgage loan servicing. Specifically, this proposal implements Dodd-Frank Act sections addressing initial rate adjustment notices for adjustable-rate mortgages (ARMs), periodic statements for residential mortgage loans, and prompt crediting of mortgage payments and response to requests for payoff amounts. The proposed revisions also amend current rules governing the scope, timing, content, and format of current disclosures to consumers occasioned by the interest rate adjustments of their variable-rate transactions. Published elsewhere in today's Federal Register, the Bureau proposes companion regulations regarding mortgage servicing through amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA).
2012 Real Estate Settlement Procedures Act (Regulation X) Mortgage Servicing Proposal
Document Number: 2012-19974
Type: Proposed Rule
Date: 2012-09-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (the Bureau) is proposing to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposal requests comment regarding proposed additions to Regulation X to address seven servicer obligations: To correct errors asserted by mortgage loan borrowers; to provide information requested by mortgage loan borrowers; to ensure that a reasonable basis exists to obtain force-placed insurance; to establish reasonable information management policies and procedures; to provide information about mortgage loss mitigation options to delinquent borrowers; to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower's mortgage loan account; and to evaluate borrowers' applications for available loss mitigation options. This proposal would also modify and streamline certain existing servicing-related provisions of Regulation X. For instance, the proposal would revise provisions relating to a mortgage servicer's obligation to provide disclosures to borrowers in connection with a transfer of mortgage servicing, and a mortgage servicer's obligation to manage escrow accounts, including the obligation to advance funds to an escrow account to maintain insurance coverage and to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan. Published elsewhere in today's Federal Register, the Bureau proposes companion regulations implementing amendments to the Truth In Lending Act (TILA) in Regulation Z (the 2012 TILA Servicing Proposal).
Privacy Act of 1974, as Amended
Document Number: 2012-22500
Type: Notice
Date: 2012-09-13
Agency: Bureau of Consumer Financial Protection
In accordance with the Privacy Act of 1974, as amended, the Bureau of Consumer Financial Protection, herein referred to as the Consumer Financial Protection Bureau (``CFPB'' or the ``Bureau''), gives notice of the establishment of a Privacy Act System of Records.
Truth in Lending Act (Regulation Z); Loan Originator Compensation
Document Number: 2012-20808
Type: Proposed Rule
Date: 2012-09-07
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection is publishing for public comment a proposed rule amending Regulation Z (Truth in Lending) to implement amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposal would implement statutory changes made by the Dodd- Frank Act to Regulation Z's current loan originator compensation provisions, including a new additional restriction on the imposition of any upfront discount points, origination points, or fees on consumers under certain circumstances. In addition, the proposal implements additional requirements imposed by the Dodd-Frank Act concerning proper qualification and registration or licensing for loan originators. The proposal also implements Dodd-Frank Act restrictions on mandatory arbitration and the financing of certain credit insurance premiums. Finally, the proposal provides additional guidance and clarification under the existing regulation's provisions restricting loan originator compensation practices, including guidance on the application of those provisions to certain profit-sharing plans and the appropriate analysis of payments to loan originators based on factors that are not terms but that may act as proxies for a transaction's terms.
Integrated Mortgage Disclosures Under the Real Estate Settlement Procedure Act (Regulation X) and the Truth In Lending Act (Regulation Z)
Document Number: 2012-22000
Type: Proposed Rule
Date: 2012-09-06
Agency: Bureau of Consumer Financial Protection
On July 9, 2012, the Consumer Financial Protection Bureau (Bureau) published on its Web site and transmitted to the Federal Register a notice requesting comment on proposed rules and forms to integrate certain disclosure requirements of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) for most closed-end consumer credit transactions secured by real property, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed rule, which would amend Regulation X (RESPA) and Regulation Z (TILA), was published in the Federal Register on August 23, 2012. See 77 FR 51116 (Aug. 23, 2012). Comments on the integrated rules and forms are due November 6, 2012. However, the proposed rule set a comment deadline of September 7, 2012 on two issues: Proposed changes to the definition of the finance charge; and whether to delay implementation of certain disclosure requirements added to TILA and RESPA by title XIV of the Dodd-Frank Act. Because of the relationship of the proposed changes to other ongoing Bureau rulemakings and the Bureau's request for data on the potential impact of the proposed changes to the finance charge on those rulemakings, the Bureau has determined that an extension of the comment period until November 6, 2012 is appropriate. This extension applies solely to the proposed changes to the definition of the finance charge.
High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
Document Number: 2012-21998
Type: Proposed Rule
Date: 2012-09-06
Agency: Bureau of Consumer Financial Protection
On July 9, 2012, the Consumer Financial Protection Bureau (Bureau) published on its Web site and transmitted to the Federal Register a notice requesting comment on, among other things, proposed changes to Regulation Z (Truth in Lending) to implement amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act that expand the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act of 1994 (HOEPA) (the HOEPA Proposal). The proposed rule was published in the Federal Register on August 15, 2012. See 77 FR 49089 (Aug. 15, 2012). The proposed rule set a comment deadline of September 7, 2012. In a separate rulemaking published on the Bureau's Web site on July 9, 2012 and published in the Federal Register on August 23, 2012 (see 77 FR 51116 (Aug. 23, 2012)), the Bureau proposed changes to the definition of the finance charge, which would result in a simpler, more inclusive definition of the finance charge (TILA-RESPA Integration Proposal). In light of these proposed changes, the HOEPA Proposal seeks comment on whether and how to account for the implications of a more inclusive finance charge on the scope of HOEPA coverage. Although the TILA-RESPA Integration Proposal set an initial comment deadline regarding the proposed changes to the finance charge definition of September 7, 2012, by separate notice, the Bureau is extending that deadline to November 6, 2012. For the same reasons discussed in that notice, the Bureau has determined that an extension of the comment period until November 6, 2012 for the portion of the HOEPA Proposal regarding whether and how to account for the implications of a more inclusive finance charge on the scope of HOEPA coverage is appropriate. This extension does not apply to any other aspect of the HOEPA Proposal.
Appraisals for Higher-Risk Mortgage Loans
Document Number: 2012-20432
Type: Proposed Rule
Date: 2012-09-05
Agency: National Credit Union Administration, Agencies and Commissions, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency, Bureau of Consumer Financial Protection, Board of Governors of the Federal Reserve System
The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) are proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The proposed revisions to Regulation Z would implement a new TILA provision requiring appraisals for ``higher-risk mortgages'' that was added to TILA as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the proposed rule would require creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2012-20700
Type: Notice
Date: 2012-08-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, as required by the Paperwork Reduction Act of 1995. The Bureau is soliciting comments concerning the information collection efforts relating to the collection titled, ``CFPB Office of Intergovernmental Affairs Outreach Activities.'' The proposed collection has been submitted to the Office of Management and Budget (OMB) for review and approval. A copy of the submission, including copies of the proposed collection and supporting documentation, may be obtained by contacting the agency contact listed below.
Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z)
Document Number: 2012-17663
Type: Proposed Rule
Date: 2012-08-23
Agency: Bureau of Consumer Financial Protection
Sections 1032(f), 1098, and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the Bureau to issue proposed rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Consistent with this requirement, the Bureau is proposing to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements in the Dodd-Frank Act, the proposed rule provides extensive guidance regarding compliance with those requirements.
Electronic Fund Transfers; Intent To Make Determination of Effect on State Laws (Maine and Tennessee)
Document Number: 2012-20531
Type: Proposed Rule
Date: 2012-08-21
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing notice of its intent to consider and address requests received to determine whether certain provisions in the laws of Maine and Tennessee relating to unclaimed gift cards are inconsistent with and preempted by the requirements of the Electronic Fund Transfer Act and Regulation E.
Equal Credit Opportunity Act (Regulation B)
Document Number: 2012-20422
Type: Proposed Rule
Date: 2012-08-21
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and the official interpretation to the regulation, which interprets the requirements of Regulation B. The proposed revisions to Regulation B would implement an ECOA amendment concerning appraisals that was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In general, the proposed revisions to Regulation B would require creditors to provide free copies of all written appraisals and valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. The proposal also would require creditors to notify applicants in writing of the right to receive a copy of each written appraisal or valuation at no additional cost.
Electronic Fund Transfers (Regulation E)
Document Number: 2012-19702
Type: Rule
Date: 2012-08-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The final rule modifies a final rule published in February 2012 implementing section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers. The final rule adopts a safe harbor with respect to the phrase ``normal course of business'' in the definition of ``remittance transfer provider,'' which determines whether a person is covered by the rule. The final rule also revises several aspects of the February 2012 final rule regarding remittance transfers that are scheduled before the date of transfer, including preauthorized remittance transfers.
High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
Document Number: 2012-17059
Type: Proposed Rule
Date: 2012-08-15
Agency: Bureau of Consumer Financial Protection
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Truth in Lending Act by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act of 1994 (HOEPA), by revising and expanding the triggers for coverage under HOEPA, and by imposing additional restrictions on HOEPA mortgage loans, including a pre-loan counseling requirement. The Dodd-Frank Act also amends the Truth in Lending Act and the Real Estate Settlement Procedures Act by imposing certain other requirements related to homeownership counseling. The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation Z (Truth in Lending) and Regulation X (Real Estate Settlement Procedures Act) to implement the Dodd-Frank Act's amendments to the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Proposed Collection; Comment Request
Document Number: 2012-19305
Type: Notice
Date: 2012-08-07
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau), as part of a Federal Government-wide effort to streamline the process to seek feedback from the public on service delivery, invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Bureau is soliciting comments concerning the information collection requirements relating to ``Generic Clearance for the Collection of Qualitative Feedback on the Service Delivery of the Consumer Financial Protection Bureau.''
Enforcement of Nondiscrimination on the Basis of Disability in Programs and Activities Conducted by the Bureau of Consumer Financial Protection
Document Number: 2012-18827
Type: Rule
Date: 2012-08-06
Agency: Bureau of Consumer Financial Protection
This interim final rule provides for the enforcement of section 504 of the Rehabilitation Act of 1973, as amended, which prohibits discrimination on the basis of disability in programs or activities conducted by the Bureau of Consumer Financial Protection. It sets forth standards for what constitutes discrimination on the basis of mental or physical disability, provides a definition for ``individual with a disability'' and ``qualified individual with a disability,'' and establishes a complaint mechanism for resolving allegations of discrimination. The rule further clarifies that the complaint mechanism is also available for processing complaints that the agency has failed to meet accessibility standards for electronic and information technology, in violation of section 508 of the Rehabilitation Act of 1973.
Request for Information on Effective Financial Education
Document Number: 2012-18830
Type: Notice
Date: 2012-08-02
Agency: Bureau of Consumer Financial Protection
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank'') established the Office of Financial Education (``OFE'') within the Bureau of Consumer Financial Protection (``CFPB'') to develop and launch initiatives that will educate consumers and help them make better informed financial decisions. The CFPB's OFE seeks public comment on effective financial education approachesincluding tools, topics and dissemination strategiesthat will help improve consumers' financial decision-making capabilities.
Proposed Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility, and Integrity of Information Disseminated by the Bureau of Consumer Financial Protection
Document Number: 2012-18828
Type: Notice
Date: 2012-08-02
Agency: Bureau of Consumer Financial Protection
This document announces the availability of the Bureau of Consumer Financial Protection (Bureau or CFPB's) guidelines to ensure and maximize the quality, objectivity, utility, and integrity of information disseminated by the Bureau. These guidelines also detail the administrative mechanisms developed by the Bureau to allow affected persons to seek and obtain appropriate correction of information maintained and disseminated by the Bureau that does not comply with the Office of Management and Budget (OMB) or the Bureau guidelines. This notice also provides an opportunity for public comment on the Bureau's guidelines.
Defining Larger Participants of the Consumer Reporting Market
Document Number: 2012-17603
Type: Rule
Date: 2012-07-20
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing a final rule pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. That statute grants the Bureau authority to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank ``larger participant[s]'' of markets for other consumer financial products or services, as the Bureau defines by rule. An initial rule to define such larger participants must be issued by July 21, 2012. The Bureau issues this final rule to define larger participants of a market for consumer reporting. The final rule thereby facilitates the supervision of nonbank covered persons active in that market.
Electronic Fund Transfers (Regulation E); Correction
Document Number: 2012-16245
Type: Rule
Date: 2012-07-10
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is correcting a final rule with an official interpretation (Final Rule) that appeared in the Federal Register of February 7, 2012. The Final Rule provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The Final Rule inadvertently did not reflect certain technical and conforming changes made by the interim final rule published on December 27, 2011. The Final Rule also contained a technical error in the formatting of certain model forms. This document corrects the error and the formatting of the model forms.
Confidential Treatment of Privileged Information
Document Number: 2012-16247
Type: Rule
Date: 2012-07-05
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is amending its rules relating to the confidential treatment of information by adding a new section providing that the submission by any person of any information to the Bureau in the course of the Bureau's supervisory or regulatory processes will not waive or otherwise affect any privilege such person may claim with respect to such information under Federal or State law as to any other person or entity. In addition, the Bureau has amended its regulations to provide that the Bureau's provision of privileged information to another Federal or State agency does not waive any applicable privilege, whether the privilege belongs to the Bureau or any other person.
Consumer Use of Reverse Mortgages
Document Number: 2012-16078
Type: Notice
Date: 2012-07-02
Agency: Bureau of Consumer Financial Protection
Section 1076 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) required the Bureau of Consumer Financial Protection (the CFPB or the Bureau) to conduct a study on reverse mortgage transactions.\1\ The Bureau published this study in a June 28, 2012 Report to Congress.
State Official Notification Rule
Document Number: 2012-14062
Type: Rule
Date: 2012-06-29
Agency: Bureau of Consumer Financial Protection
The Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010 (Dodd-Frank Act) requires the Bureau of Consumer Financial Protection (Bureau) to prescribe rules establishing procedures that govern the process by which State Officials notify the Bureau of actions undertaken pursuant to the authority granted to the States to enforce the Dodd-Frank Act or regulations prescribed thereunder. This final State Official Notification Rule (Final Rule) sets forth the procedures to govern this process.
Rules of Practice for Adjudication Proceedings
Document Number: 2012-14061
Type: Rule
Date: 2012-06-29
Agency: Bureau of Consumer Financial Protection
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Bureau of Consumer Financial Protection (Bureau) to prescribe rules establishing procedures for the conduct of adjudication proceedings. On July 28, 2011, the Bureau published an interim final rule establishing these procedures with a request for comment. This final rule responds to the comments received by the Bureau and amends the Bureau's regulations accordingly.
Rules Relating to Investigations
Document Number: 2012-14047
Type: Rule
Date: 2012-06-29
Agency: Bureau of Consumer Financial Protection
After considering the public comments on its interim final rule for the Rules Relating to Investigations, the Bureau of Consumer Financial Protection (Bureau), pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), is making revisions to its procedures for investigations under section 1052 of the Dodd-Frank Act.
Equal Access to Justice Act Implementation Rule
Document Number: 2012-14046
Type: Rule
Date: 2012-06-29
Agency: Bureau of Consumer Financial Protection
The Equal Access to Justice Act (EAJA or the Act) requires agencies that conduct adversary adjudications to award attorney fees and other litigation expenses to certain parties other than the United States in certain circumstances. EAJA also requires agencies that conduct adversary adjudications to establish procedures for the submission and consideration of applications for the award of fees and other expenses. The Consumer Financial Protection Bureau (Bureau) now issues an interim final rule establishing such procedures and seeks public comments.
Withdrawal of Submission for OMB Review; Comment Request
Document Number: 2012-15259
Type: Notice
Date: 2012-06-22
Agency: Bureau of Consumer Financial Protection
On May 15, 2012, the Bureau of Consumer Financial Protection (Bureau) published a notice and request for comment in this Register, 77 FR 29571. The notice invited the general public and other Federal agencies to comment for 30 days on a proposed information collection request, entitled ``Generic Clearance for Collection of Information on Compliance Costs and Other Effects of Regulations.'' At this time, the Bureau wishes to give notice that it is withdrawing that request and has published a revised request which will be available for a 60-day public comment period. The revised notice and request for comment was published on June 14, 2012, in this Register 77 FR XXXX, and is entitled ``Generic Clearance for Collection of Information on Compliance Costs and Other Effects of Regulations.'' Any comments the Bureau has received thus far from the withdrawn notice will be considered along with the comments the Bureau receives in connection with the revised 60-day notice.