Bureau of Consumer Financial Protection 2014 – Federal Register Recent Federal Regulation Documents

In accordance with Section 743 of Division C of the Consolidated Appropriations Act of 2010, the Bureau of Consumer Financial Protection (Bureau) is publishing this notice to advise the public of the availability of the FY 2013 Service Contract Inventory. This inventory provides information on service contract actions over $25,000, which the Bureau awarded during FY 2013. 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 and December 19, 2011 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/default/files/omb/procurement/memo/s ervice- contract-inventories-guidance-11052010.pdf and https:// www.whitehouse.gov/sites/default/files/omb/procurement/memo/s ervice- contract-inventory-guidance.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://files.consumerfinance.gov/f/201312cfpb worksheetservice-contract-inventory.pdf and https:// files.consumerfinance.gov/f/201312cfpbsummaryservice-contract - inventory.pdf.

On January 15, 2014, Director Richard Cordray of the Consumer Financial Protection Bureau (``Bureau'') published an invitation to the public for application to its Consumer Advisory Board (the ``Board''), Community Bank Advisory Council, and Credit Union Advisory Council in the Federal Register, as warranted in the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Consumer Advisory Board and Councils application deadline was February 28, 2014. To allow interested persons more time to consider and submit an application for the Community Bank Advisory Board and Credit Union Advisory Board, the Bureau has determined that an extension of the application until March 14, 2014 is appropriate.

This notice sets forth the announcement of a public meeting of the Consumer Advisory Board (``CAB'' or ``Board'') of the Consumer Financial Protection Bureau (Bureau). The notice also describes the functions of the Board. Notice of the meeting is permitted by section 6 of the CAB Charter and is intended to notify the public of this meeting. Specifically, Section X of the CAB Charter states:

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), gives notice of the establishment of a Privacy Act System of Records.

The Bureau of Consumer Financial Protection (Bureau or CFPB) proposes to amend 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 international money transfers. The Bureau proposes this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, 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. The proposal (Proposed Rule) would identify a nonbank market for international money transfers and define ``larger participants'' of this market that would be subject to the Bureau's supervisory authority.

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ``Fair Credit Reporting Act (Regulation V) 12 CFR 1022''.

On November 12, 2013, the Bureau of Consumer Financial Protection (the Bureau) published in the Federal Register an Advance Notice of Proposed Rulemaking about debt collection practices (Debt Collection ANPR). The Debt Collection ANPR allowed a 90-day comment period, closing on February 10, 2014. To allow interested persons more time to consider and craft their responses, the Bureau has determined that an extension of the comment period until February 28, 2014 is appropriate.

This notice requests information from the public about mortgage closing. Specifically, the Consumer Financial Protection Bureau (CFPB) seeks information on key consumer ``pain points'' associated with mortgage closing and how those pain points might be addressed by market innovations and technology. The CFPB seeks to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic signatures, and paperless processes. The next phase of CFPB's Know Before You Owe initiative aims to identify ways to improve the mortgage closing process for consumers. This project will encourage interventions that increase consumer knowledge, understanding, and confidence at closing. This notice seeks information from market participants, consumers, and other stakeholders who work closely with consumers. The information will inform the CFPB's understanding of what consumers find most problematic about the current closing process and inform the CFPB's vision for an improved closing experience.