The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 Rulemaking Agenda as part of its obligation under the Regulatory Flexibility Act to publish regulatory agendas twice a year. The CFPB outlined its major current initiatives, including:
Arbitration
The CFPB issued a Notice of Proposed Rulemaking on arbitration clauses on May 5, 2016. The proposed rule prohibits class action waivers in pre-dispute arbitration agreements and requires companies that engage in arbitration to furnish certain records to the CFPB.
Payday, Auto Title and Similar Lending Products
The CFPB released a Notice of Proposed Rulemaking to restrict payday loans and similar lending products on June 2, 2016. The proposed rule requires lenders to take steps to ensure consumers have the ability to repay loans and eliminates repeated debit attempts that increase fees.
Prepaid Accounts
The Bureau will issue a final rule this summer that creates consumer protections for prepaid financial products, including reloadable cards and similar products that consumers use in place of traditional bank checking accounts.
Mortgage Servicing
The CFPB expects to issue a final rule amending certain aspects of mortgage servicing rules that became effective in 2013. The rule is expected to address enhanced loss mitigation requirements as well as compliance with certain rules when a borrower is in bankruptcy or is a potential or confirmed successor in interest.
Know Before You Owe
The Bureau expects to issue a Notice of Proposed Rulemaking in late July to amend the Know Before You Owe mortgage disclosure forms to address various issues raised by the industry.
Debt Collection
The CFPB continues to be engaged in developing proposed rules to regulate debt collection practices and is in the process of analyzing consumer survey response data on the issue.
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