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

Results 551 - 600 of 820
Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service
Document Number: 2014-23115
Type: Proposed Rule
Date: 2014-10-08
Agency: Bureau of Consumer Financial Protection
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 automobile financing. The new section would define a market that includes grants of credit for the purchase of an automobile, refinancings of such credit obligations, and purchases or acquisitions of such credit obligations (including refinancings). It would also include automobile leases and purchases or acquisitions of such automobile lease agreements. The Bureau is proposing this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 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 market for automobile financing and define as larger participants of this market certain nonbank covered persons that would be subject to the Bureau's supervisory authority. The Proposed Rule would also define certain automobile leases as a ``financial product or service'' under section 1002(15)(A)(xi)(II) of the Dodd-Frank Act. Finally, the Proposed Rule would make certain technical corrections to existing larger-participant rules.
Agency Information Collection Activities: Comment Request
Document Number: 2014-23017
Type: Notice
Date: 2014-09-26
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Owning a Home Evaluation Study.''
Defining Larger Participants of the International Money Transfer Market
Document Number: 2014-22310
Type: Rule
Date: 2014-09-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) 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 international money transfers. The Bureau is issuing this final 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 Bureau has issued rules defining larger participants of markets for consumer reporting, consumer debt collection, and student loan servicing. This final rule identifies a market for international money transfers and defines ``larger participants'' of this market that are subject to the Bureau's supervisory authority.
Truth in Lending (Regulation Z)
Document Number: 2014-21849
Type: Rule
Date: 2014-09-22
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 any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the annual percentage increase in the CPI-W as of June 1, 2014, the Board and the Bureau are adjusting the exemption threshold to $54,600, effective January 1, 2015. 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 in a joint rulemaking published elsewhere in this issue of the Federal Register.
Consumer Leasing (Regulation M)
Document Number: 2014-21847
Type: Rule
Date: 2014-09-22
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). 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 any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the annual percentage increase in the CPI-W as of June 1, 2014, the Board and the Bureau are adjusting the exemption threshold to $54,600, effective January 1, 2015. 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 in a rule published elsewhere in the Federal Register.
Electronic Fund Transfers (Regulation E)
Document Number: 2014-20681
Type: Rule
Date: 2014-09-18
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is amending subpart B of Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation (Remittance Rule). This final rule extends a temporary provision that permits insured institutions to estimate certain pricing disclosures pursuant to section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Absent further action by the Bureau, that exception would have expired on July 21, 2015. Based on a determination that the termination of the exception would negatively affect the ability of insured institutions to send remittance transfers, the Bureau is extending the temporary exception by five years from July 21, 2015, to July 21, 2020. The Bureau is also making several clarifications and technical corrections to the regulation and commentary.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2014-21425
Type: Notice
Date: 2014-09-09
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new generic information collection plan titled, ``CFPB Generic Information Collection Plan for Studies of Consumers Using Controlled Trials in Field and Economic Laboratory Settings.''
Consumer Advisory Board Meeting
Document Number: 2014-21187
Type: Notice
Date: 2014-09-05
Agency: Bureau of Consumer Financial Protection
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: (1) Each meeting of the Board shall be open to public observation, to the extent that a facility is available to accommodate the public, unless the Bureau, in accordance with paragraph (4) of this section, determines that the meeting shall be closed. The Bureau also will make reasonable efforts to make the meetings available to the public through live Web streaming. (2) Notice of the time, place and purpose of each meeting, as well as a summary of the proposed agenda, shall be published in the Federal Register not more than 45 or less than 15 days prior to the scheduled meeting date. Shorter notice may be given when the Bureau determines that the Board's business so requires; in such event, the public will be given notice at the earliest practicable time. (3) Minutes of meetings, records, reports, studies, and agenda of the Board shall be posted on the Bureau's Web site (www.consumerfinance.gov). (4) The Bureau may close to the public a portion of any meeting, for confidential discussion. If the Bureau closes a meeting or any portion of a meeting, the Bureau will issue, at least annually, a summary of the Board's activities during such closed meetings or portions of meetings.
Agency Information Collection Activities: Comment Request
Document Number: 2014-21112
Type: Notice
Date: 2014-09-04
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB) is proposing a new information collection titled, ``Financial Coaching Program for Veterans and Low-income Consumers''.
Home Mortgage Disclosure (Regulation C)
Document Number: 2014-18353
Type: Proposed Rule
Date: 2014-08-29
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1094 of the Dodd-Frank Act, the Bureau proposes to add several new reporting requirements and to clarify several existing requirements. The Bureau is also proposing changes to institutional and transactional coverage under Regulation C.
Agency Information Collection Activities: Comment Request
Document Number: 2014-19736
Type: Notice
Date: 2014-08-20
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Teacher Training Initiative (TTI) Local Education Agencies (LEA) Partnership Application.''
Truth in Lending (Regulation Z) Annual Threshold Adjustments (CARD ACT, HOEPA and ATR/QM)
Document Number: 2014-18838
Type: Rule
Date: 2014-08-15
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulatory 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 reviews the dollar amounts for provisions implementing amendments to TILA 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). These amounts are adjusted, where appropriate, based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2014. The minimum interest charge disclosure thresholds will remain unchanged in 2015. The adjusted dollar amount for the penalty fees safe harbor in 2015 is $27 for a first late payment and $38 for each subsequent violation within the following six months. For HOEPA loans, the adjusted total loan amount threshold is $20,391, effective January 1, 2015. The adjusted statutory fee trigger for HOPEA loans is $1,020, effective January 1, 2015. Effective January 1, 2015, for the purpose of creditor's determination of a consumer's ability to repay a transaction secured by a dwelling, a covered transaction is not a qualified mortgage unless the transaction's total points and fees do not exceed 3 percent of the total loan amount for a loan greater than or equal to $101,953; $3,059 for a loan amount greater than or equal to $61,172 but less than $101,953; 5 percent of the total loan amount for a loan greater than or equal to $20,391 but less than $61,172; $1,020 for a loan amount greater than or equal to $12,744 but less than $20,391; and 8 percent of the total loan amount for a loan amount less than $12,744.
Disclosure of Consumer Complaint Narrative Data
Document Number: 2014-18355
Type: Notice
Date: 2014-08-04
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) currently discloses certain complaint data it receives regarding consumer financial products and services via its web-based, public-facing database (Consumer Complaint Database). On July 23, 2014, the Bureau published in the Federal Register a Notice of Proposed Policy Statement with Request for Public Comment (Proposed Policy Statement) proposing to expand its disclosure to include unstructured consumer complaint narrative data (narratives). The Proposed Policy Statement provided a 30-day comment period that will end on August 22, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until September 22, 2014, is appropriate.
Disclosure of Consumer Complaint Narrative Data
Document Number: 2014-17274
Type: Notice
Date: 2014-07-23
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (``Bureau'') currently discloses certain complaint data it receives regarding consumer financial products and services via its web-based, public- facing database (``Consumer Complaint Database''). The Bureau proposes to expand that disclosure to include unstructured consumer complaint narrative data (``narratives''). Only those narratives for which opt-in consumer consent had been obtained and a robust personal information scrubbing standard and methodology applied would be subject to disclosure. The proposed policy (``Proposed Policy Statement'') would supplement the Bureau's existing Policy Statements establishing and expanding the Consumer Complaint Database.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2014-17272
Type: Notice
Date: 2014-07-23
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Debt Collection Survey from the Consumer Credit Panel.''
Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-in-Interest
Document Number: 2014-16780
Type: Rule
Date: 2014-07-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule to clarify that the Bureau's Ability-to- Repay Rule incorporates the existing definition of ``assumption'' under Regulation Z.
Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders
Document Number: 2014-16779
Type: Notice
Date: 2014-07-17
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau) is issuing supervisory and enforcement guidance entitled ``Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders,'' (Policy Guidance) which relates to the Bureau's exercise of its authority to supervise and enforce compliance with RESPA and Regulation X and TILA and Regulation Z in certain transactions involving ``mini-correspondent lenders.''
Rules of Practice for Issuance of Temporary Cease-and-Desist Orders
Document Number: 2014-14228
Type: Rule
Date: 2014-06-18
Agency: Bureau of Consumer Financial Protection
On September 26, 2013, 78 FR 59163, the Consumer Financial Protection Bureau (Bureau) published in the Federal Register an interim final rule establishing procedures for the issuance of a temporary cease-and-desist order (TCDO) pursuant to section 1053(c) of the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which requires the Bureau to prescribe rules establishing procedures for the conduct of adjudication proceedings. After reviewing and considering the single public comment offered on its interim final rule, the Bureau adopts the interim final rule without change.
Semiannual Regulatory Agenda
Document Number: 2014-13135
Type: Unknown
Date: 2014-06-13
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (CFPB or Bureau) is publishing this Agenda as part of the Spring 2014 Unified Agenda of Federal Regulatory and Deregulatory Actions. The CFPB reasonably anticipates having the regulatory matters identified below under consideration during the period from April 1, 2014 to March 31, 2015. The next agenda will be published in the fall of 2014 and will update this agenda through the fall of 2015. Publication of this agenda is in accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers
Document Number: 2014-13552
Type: Notice
Date: 2014-06-12
Agency: Bureau of Consumer Financial Protection
The Consumer Financial Protection Bureau (Bureau or CFPB), established under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), has as part of its mission to empower consumers to take more control over their economic lives. The Bureau is charged with promoting financial education, researching developments in markets for consumer financial services and products, and providing information, guidance, and technical assistance regarding the offering and provision of consumer financial products or services to traditionally underserved consumers and communities. This notice seeks information about how consumers are using mobile financial services to access products and services, manage finances and achieve their financial goals with a focus on economically vulnerable consumers. We use ``mobile financial services'' (MFS) in this Request for Information (RFI) to cover mobile banking services and mobile financial management services. The RFI does not address mobile point of sale (``POS'') payments, except with respect to mobile payment products that are targeted specifically for low-income and underserved consumers, where it seeks to learn about how such targeting could benefit or harm those categories of consumers. The information from the responses will be used to inform the Bureau's consumer education and empowerment strategies related to developments in these areas.
Consumer Advisory Board Meeting
Document Number: 2014-13432
Type: Notice
Date: 2014-06-09
Agency: Bureau of Consumer Financial Protection
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: (1) Each meeting of the Board shall be open to public observation, to the extent that a facility is available to accommodate the public, unless the Bureau, in accordance with paragraph (4) of this section, determines that the meeting shall be closed. The Bureau also will make reasonable efforts to make the meetings available to the public through live web streaming. (2) Notice of the time, place and purpose of each meeting, as well as a summary of the proposed agenda, shall be published in the Federal Register not more than 45 or less than 15 days prior to the scheduled meeting date. Shorter notice may be given when the Bureau determines that the Board's business so requires; in such event, the public will be given notice at the earliest practicable time. (3) Minutes of meetings, records, reports, studies, and agenda of the Board shall be posted on the Bureau's Web site (www.consumerfinance.gov). (4) The Bureau may close to the public a portion of any meeting, for confidential discussion. If the Bureau closes a meeting or any portion of a meeting, the Bureau will issue, at least annually, a summary of the Board's activities during such closed meetings or portions of meetings.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2014-12412
Type: Notice
Date: 2014-05-29
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled: ``Telephone Survey Exploring Consumer Awareness of and Perceptions Regarding Dispute Resolution Provisions in Credit card Agreements.''
Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)
Document Number: 2014-12148
Type: Proposed Rule
Date: 2014-05-28
Agency: Bureau of Consumer Financial Protection
On May 13, 2014, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Notice of Proposed Rulemaking proposing an amendment to the annual privacy notice requirement set forth in subpart A of Regulation P (Annual Privacy Notice Proposal). The Annual Privacy Notice Proposal allowed a 30-day comment period that will end on June 12, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until July 14, 2014, is appropriate.
Electronic Fund Transfers (Regulation E)
Document Number: 2014-11421
Type: Proposed Rule
Date: 2014-05-16
Agency: Bureau of Consumer Financial Protection
On April 25, 2014, the Bureau of Consumer Financial Protection (Bureau) published in the Federal Register a Notice of Proposed Rulemaking proposing amendments to certain requirements set forth in subpart B of Regulation E related to remittance transfers (Remittance Proposal). The Remittance Proposal allowed a 30-day comment period that will end on May 27, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until June 6, 2014, is appropriate.
Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)
Document Number: 2014-10713
Type: Proposed Rule
Date: 2014-05-13
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation P, which among other things requires that financial institutions provide an annual disclosure of their privacy policies to their customers. The amendment would create an alternative delivery method for this annual disclosure, which financial institutions would be able to use under certain circumstances.
Amendments to the 2013 Mortgage Rules Under the Truth in Lending Act (Regulation Z)
Document Number: 2014-10207
Type: Proposed Rule
Date: 2014-05-06
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau) proposes amendments to certain mortgage rules issued in 2013. The proposed rule would provide an alternative small servicer definition for nonprofit entities that meet certain requirements, amend the existing exemption from the ability-to-repay rule for nonprofit entities that meet certain requirements, and provide a limited cure mechanism for the points and fees limit that applies to qualified mortgages.
Electronic Fund Transfers (Regulation E)
Document Number: 2014-09036
Type: Proposed Rule
Date: 2014-04-25
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 Transfers Act, and the official interpretation to the regulation. The proposal would extend a temporary provision that permits insured institutions to estimate certain pricing disclosures pursuant to section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Absent further action by the Bureau, that exception expires on July 21, 2015. Based on a preliminary determination that the termination of the exception would negatively affect the ability of insured institutions to send remittance transfers, the Bureau is proposing to extend the temporary exception by five years from July 21, 2015, to July 21, 2020. The Bureau is also proposing several clarifying amendments and technical corrections to the final rule and commentary.
Privacy Act of 1974, as Amended
Document Number: 2014-08555
Type: Notice
Date: 2014-04-16
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), gives notice of the establishment of a modified Privacy Act System of Records.
Agency Information Collection Activities: Comment Request
Document Number: 2014-08266
Type: Notice
Date: 2014-04-14
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new Generic Information Collection Plan titled, ``CFPB Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings.''
Minimum Requirements for Appraisal Management Companies
Document Number: 2014-06860
Type: Proposed Rule
Date: 2014-04-09
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency, Bureau of Consumer Financial Protection
The OCC, Board, FDIC, NCUA, Bureau, and FHFA (collectively, the Agencies) are jointly proposing a rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or Act) to be applied by States in the registration and supervision of appraisal management companies (AMCs). The proposed rule also implements the requirement in the Dodd- Frank Act for States to report to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) the information required by the Appraisal Subcommittee (ASC) to administer the new national registry of appraisal management companies (AMC National Registry or Registry). In conjunction with this implementation, the FDIC is proposing to integrate its appraisal regulations for State nonmember banks and State savings associations.
Publication of FY 2013 Service Contract Inventory
Document Number: 2014-06299
Type: Notice
Date: 2014-03-24
Agency: Bureau of Consumer Financial Protection
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: http:// www.whitehouse.gov/sites/default/files/omb/procurement/memo/s ervice- contract-inventories-guidance-11052010.pdf and http:// 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: http://www.consumerfinance.gov/open/, specifically at http://files.consumerfinance.gov/f/201312cfpb worksheetservice-contract-inventory.pdf and http:// files.consumerfinance.gov/f/201312cfpbsummaryservice-contract - inventory.pdf.
Agency Information Collection Activities: Comment Request
Document Number: 2014-05010
Type: Notice
Date: 2014-03-07
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Debt Collection Survey from the Consumer Credit Panel.''
Consumer Advisory Board and Councils Solicitation of Applications for Membership
Document Number: 2014-04999
Type: Notice
Date: 2014-03-07
Agency: Bureau of Consumer Financial Protection
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.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2014-03527
Type: Notice
Date: 2014-02-19
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Randomized Evaluation of the Credit Matters Loan at St. Louis Community Credit Union and Credit Matters Counseling offered by BALANCE Financial Fitness Program.''
Consumer Advisory Board Meeting
Document Number: 2014-03337
Type: Notice
Date: 2014-02-14
Agency: Bureau of Consumer Financial Protection
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:
Equal Access to Justice Act Implementation Rule
Document Number: 2014-02115
Type: Rule
Date: 2014-02-10
Agency: Bureau of Consumer Financial Protection
On June 29, 2012, the Consumer Financial Protection Bureau (Bureau) published in the Federal Register an interim final rule implementing the Equal Access to Justice Act (EAJA or the Act). EAJA 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. After reviewing and considering the single public comment offered on its interim final rule, the Bureau adopts the interim final rule without change.
Privacy Act of 1974, as Amended
Document Number: 2014-02118
Type: Notice
Date: 2014-02-03
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), gives notice of the establishment of a Privacy Act System of Records.
Privacy Act of 1974, as Amended
Document Number: 2014-02117
Type: Notice
Date: 2014-02-03
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 a revised Privacy Act System of Records (``SORN''). In revising this SORN, the CFPB modifies the system location, system manager(s) and address; modifies the authorities section to clarify that the authority for operating the system stems in part from enforcement powers of the CFPB; modifies the Records Sources Categories to clarify the record sources; and consolidates two routine uses (previously routine uses 6 and 7) which include the disclosure of personally identifiable information (``PII'') from the system to the U.S. Department of Justice (``DOJ'') for its use in providing legal advice to the CFPB or in representing the CFPB in a legal proceeding.
Defining Larger Participants of the International Money Transfer Market
Document Number: 2014-01606
Type: Proposed Rule
Date: 2014-01-31
Agency: Bureau of Consumer Financial Protection
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.
Academic Research Council Solicitation of Applications for Membership
Document Number: 2014-01607
Type: Notice
Date: 2014-01-29
Agency: Bureau of Consumer Financial Protection
Section 1013(b)(1) of the Consumer Financial Protection Act, 12 U.S.C. 5493(b)(1), establishes the Consumer Financial Protection Bureau's (``Bureau'') Office of Research and assigns to it the responsibility of researching, analyzing, and reporting on topics relating to the Bureau's mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. The Bureau established the Academic Research Council as a technical advisory body comprised of scholars to provide the Office of Research with guidance as it performs its responsibilities. Director Richard Cordray invites qualified individuals to apply for appointment to the Academic Research Council. Appointments to the Council are typically for two years. However, the Director may amend the Council charter from time to time during the charter terms, as the Director deems necessary to accomplish the purpose of the Council. There are two vacancies on the Academic Research Council. Bureau expects to announce the selection of new members in March 2014.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2014-00945
Type: Notice
Date: 2014-01-21
Agency: Bureau of Consumer Financial Protection
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''.
Consumer Advisory Board and Councils Solicitation of Applications for Membership
Document Number: 2014-00635
Type: Notice
Date: 2014-01-15
Agency: Bureau of Consumer Financial Protection
Pursuant to the authorities given to the Director of the Consumer Financial Protection Bureau (``Bureau'') under the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') Director Richard Cordray invites the public to apply for membership for appointment to its Consumer Advisory Board (the ``Board''), Community Bank Advisory Council, and Credit Union Advisory Council. Membership of the Board and Advisory Councils includes representatives of consumers, communities, the financial services industry and academics. Appointments to the Advisory Board are typically for three years and appointments to the Advisory Councils are typically for two years. However, the Director may amend the respective Board and Council charters from time to time during the charter terms as the Director deems necessary to accomplish the purpose of the Board and Councils. The Bureau expects to announce the selection of new members in August 2014.
Debt Collection (Regulation F)
Document Number: 2014-00453
Type: Proposed Rule
Date: 2014-01-14
Agency: Bureau of Consumer Financial Protection
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.
Notice of Availability of Certain Revised Consumer Information Publications
Document Number: 2014-00272
Type: Notice
Date: 2014-01-10
Agency: Bureau of Consumer Financial Protection
The Bureau of Consumer Financial Protection (Bureau or CFPB) announces the availability of three revised consumer publications, including a consumer information brochure and two booklets required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, the Truth in Lending Act (TILA), and Regulation Z. These publications are titled: What You Should Know About Home Equity Lines of Credit, the Consumer Handbook on Adjustable-Rate Mortgages, and the Shopping for Your Home Loan: Settlement Cost Booklet.
Request for Information Regarding the Mortgage Closing Process
Document Number: 2013-31436
Type: Notice
Date: 2014-01-03
Agency: Bureau of Consumer Financial Protection
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.
Truth in Lending (Regulation Z): Adjustment to Asset-Size Exemption Threshold
Document Number: 2013-31225
Type: Rule
Date: 2013-12-30
Agency: Bureau of Consumer Financial Protection
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.028 billion from $2 billion. The adjustment is based on the 1.4 percent increase in the average of the CPI-W for the 12-month period ending in November 2013. Therefore, creditors with assets of $2.028 billion or less as of December 31, 2013, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2014.
Home Mortgage Disclosure (Regulation C): Adjustment to Asset-Size Exemption Threshold
Document Number: 2013-31223
Type: Rule
Date: 2013-12-30
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 $43 million from $42 million. The adjustment is based on the 1.4 percent increase in the average of the CPI-W for the 12-month period ending in November 2013. Therefore, banks, savings associations, and credit unions with assets of $43 million or less as of December 31, 2013, are exempt from collecting data in 2014.
Fair Credit Reporting Act Disclosures
Document Number: 2013-31219
Type: Notice
Date: 2013-12-30
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 2014. 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 45.25 percent between September 1997, the date the FCRA amendments took effect, and September 2013. 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.
Agency Information Collection Activities: Submission for OMB Review; Comment Request
Document Number: 2013-30728
Type: Notice
Date: 2013-12-26
Agency: Bureau of Consumer Financial Protection
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers.''
Appraisals for Higher-Priced Mortgage Loans
Document Number: 2013-30108
Type: Rule
Date: 2013-12-26
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, 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 amending Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. This final rule supplements a final rule issued by the Agencies on January 18, 2013, which goes into effect on January 18, 2014. The January 2013 Final Rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd- Frank Act or Act) requiring appraisals for ``higher-risk mortgages.'' For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the January 2013 Final Rule requires 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. On July 10, 2013, the Agencies proposed amendments to the January 2013 Final Rule implementing these requirements. Specifically, the Agencies proposed exemptions from the rules for transactions secured by existing manufactured homes and not land; certain streamlined refinancings; and transactions of $25,000 or less.