Bureau of Consumer Financial Protection February 2012 – Federal Register Recent Federal Regulation Documents
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Impacts of Overdraft Programs on Consumers
Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 (the Dodd-Frank Act), charges the Bureau of Consumer Financial Protection (the CFPB or the Bureau) with regulating ``the offering and provision of consumer financial products or services under the Federal consumer financial laws.'' \1\ Specifically, the Dodd-Frank Act grants regulatory authority to the Bureau for the Electronic Funds Transfer Act,\2\ except with respect to section 920 of that Act, and the Truth in Savings Act,\3\ which taken together, in part, govern consumer transaction accounts. Accordingly, the Bureau is reviewing existing regulations and supervisory guidance issued by various regulators pertaining to the use of overdraft programs by financial institutions. To support this review, the Bureau seeks information from the public on the impact of overdraft programs on consumers.
Proposed Collection; Comment Request
The Bureau of Consumer Financial Protection (Bureau) and 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 on a request for background information and financial disclosure from nominees to serve on Advisory Boards, Groups, or Committees that the Bureau may establish, including the Consumer Advisory Board mandated by the Consumer Financial Protection Act.
Defining Larger Participants in Certain Consumer Financial Product and Service Markets
The Bureau of Consumer Financial Protection (Bureau) is proposing a new regulation pursuant to section 1024 of the Consumer Financial Protection Act of 2010. That provision grants the Bureau authority to supervise certain nonbank covered persons for compliance with Federal consumer financial laws 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]'' in markets for other consumer financial products or services. The Bureau must define such ``larger participants'' by rule, and such an initial rule must be issued by July 21, 2012. In this proposal, the Bureau proposes to define larger participants in the markets for consumer debt collection and consumer reporting. The Bureau intends that this proposal and subsequent initial rule will be followed by a series of rulemakings covering additional markets for consumer financial products and services. The Bureau also proposes to include provisions in this proposal that will facilitate the supervision of nonbank covered persons.
Publication of FY 2011 Service Contract Inventory
In accordance with Section 734 of Division C of the Consolidated Appropriations Act of 2010 (Pub. L. 111-117), the Bureau of Consumer Financial Protection (Bureau) is publishing this notice to advise the public of the availability of the FY 2011 service contract inventory. This inventory provides information on service contract actions over $25,000, which the Bureau awarded during FY 2011. The information is organized by function to show how contracted resources were used by the agency to support its mission. The inventory has been developed in accordance with the guidance issued on November 5, 2010 by the Office of Management and Budget's Office of Federal Procurement Policy (OFPP). OFPP's guidance is available at: https:// www.whitehouse.gov/sites/defualt/files/omb/procuremetn/memo/s ervice- contract-inventories-guidance-11052010.pdf. The Bureau has posted its inventory and a summary of the inventory on the Bureau's Open Government homepage at the following link: https:// www.consumerfinance.gov/open/, specifically at https:// www.consumerfinance.gov/wp-content/uploads/2012/01/Appendix-C -FY2011- Inventory-Data-Summary.pdf and https://www.consumerfinance.gov/wp- content/uploads/2012/01/Appendix-B-FY2011-Inventory-Data-Deta ils.pdf.
Home Mortgage Disclosure (Regulation C)
The Bureau of Consumer Financial Protection (Bureau) is publishing a final rule amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI- W). The exemption threshold has been adjusted to increase to $41 million from $40 million. The adjustment is based on the 3.43 percent increase in the average of the CPI-W for the twelve-month period ending in November 2011. Therefore, depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012.
Semiannual Regulatory Agenda and Fiscal Year 2011 Regulatory Plan
The Bureau of Consumer Financial Protection (CFPB) is publishing this agenda as part of the Fall 2011 Unified Agenda of Federal Regulatory and Deregulatory Actions. The CFPB reasonably anticipates having the regulatory matters identified below under consideration during the period from October 1, 2011, to October 1, 2012. The next agenda will be published in spring 2012 and will update this agenda through October 1, 2012. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
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