Today, we are posting a semi-annual update of the CFPB’s rulemaking agenda. The Office of Management and Budget (OMB) has not published the full federal Unified Agenda yet, but this is the version we submitted to OMB.
Federal agencies typically release regulatory agendas twice a year. Each spring and fall, OMB works with the agencies to compile a list that outlines the rulemaking activities of all federal agencies for the coming 12-month cycle. It also includes recently-completed rulemakings. Cumulatively, the list is called the Unified Agenda of Federal Regulatory and Deregulatory Actions.
As an independent agency, we voluntarily participate in the Unified Agenda process. When OMB finalizes the spring 2012 Unified Agenda for the federal government as a whole, it will be published at www.reginfo.gov . To give the public additional time to consider our work prior to that, today we’re posting our final submission.
The CFPB’s agenda primarily includes rulemakings mandated by the Dodd-Frank Act. For example, we are working on several mortgage-related rules and rules to implement our supervisory program for certain non-bank entities. This includes two proposed rulemakings that we published for comment on Monday, July 9, relating to the Bureau’s Know Before You Owe mortgage disclosure integration project and setting forth new protections for high-cost mortgages. This also includes an initial rule to define nonbank “larger participants” that are subject to examination. The Bureau is publishing today a final rule regarding the Bureau’s supervision of larger participants in the credit reporting marketplace. We are also seeking your input on an Advance Notice of Proposed Rulemaking about the consumer general purpose reloadable prepaid card market.
Beyond specific rulemaking activity, we continue to work on a variety of initiatives that address issues in consumer financial markets. For example, last month we joined several other financial regulators in a memorandum of understanding to clarify the coordination of our supervision efforts. And Director Cordray recently met with Secretary of Education Arne Duncan and ten college presidents to finalize a commitment by those college and university systems to present clear financial aid offer information to all incoming students. They’re modeling this effort on the Financial Aid Shopping Sheet that the Department of Education and the CFPB developed last fall.
Stay tuned in this space for further semi-annual updates to the Bureau’s rulemaking calendar as we look ahead to 2013.