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CFPB’s rulemaking agenda


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 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.

  • Informed10

    This bureau is a joke- one of the most un-American programs the government has ever “created”. Once again the government is biting the hand that feeds it: businesses of all kinds.

  • CFPB fan

    The Bureau is what is needed. A short circuit that provides true teeth to discourage deceptive practices so rampant in the financial industry.  If a financial company is providing true service with value and integrity, there is nothing to worry about. But if a company has, as part of its business plan, to use deceit and hide behind ignorance, we need an organization like CFPB. I wonder if those who complain about CFPB would do the same it the organization was protecting the integrity of our food or water source?
    Unfortunately, those who complain the most are those who are finding that they may not be able to use deceit as their primary business tool

  • Vplombardi

    I would hope that the CFPB would fire the employee who stated that “consumer testing showed people dont understand the APR: (concerning mortgage disclosure forms). I strongly object to my tax dollars being used to employ such an idiot.

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