CFPB Publishes Semiannual Regulatory Agenda
In Fall of 2021, the Consumer Finance Protection Bureau (“CFPB” or "Agency") published its semiannual regulatory agenda which it “reasonably anticipates” can be used to identify the regulatory matters that the Agency is considering enforcing from November 1, 2021, to October 31, 2022.
The key considerations are:
Continuation of “significant progress” on implementing Section 1071 of the Dodd-Frank Act which outlines requirements for “banks’ collection, reporting, and disclosure of information on credit applications made by women-owned, minority-owned, and small businesses.”
Continuation of the CFPB’s efforts to work with other federal agencies to establish regulations for automated valuation models; and
Implementation of section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA), which “mandate that the Bureau prescribe certain regulations relating to ‘Property Assessed Clean Energy’ (PACE) financing and further its efforts to engage stakeholders for collection of information from an Advance Notice of Proposed Rulemaking on Residential Property Assessed Clean Energy Financing issued in March 2019.
Although this outline includes many substantial efforts by CFPB to progress their legislative agenda, Kennedy Sutherland LLP has made blog postings recently evidencing the CFPB's efforts are not confined to the above list. In fact, the CFPB is responsible for many of the changes currently occurring in the financial industry.[1] As such, financial institutions should continue to monitor the CFPB's declarations actions to ensure that their organizations are prepared for shifts.
[1] See CFPB Issued a Request for Public Comment on “Buy Now, Pay Later”; CFPB Issues Final Rule Facilitate LIBOR Transition; CFPB Updates Whistleblower Website and Calls for Tech Workers to Act; CFPB Ombudsman’s Office Report Announces Post-Examination Surveys; CFPB Supervisory Highlight Identifies Discriminatory Bias in Early 2021 Lending; CFPB Increases Regulation on Bank Overdraft Fees; and CFPB Request for Comment on Regulation C and the Implementation of Home Mortgage Disclosure Act.