Rules under development

Proposed rule prohibiting certain terms and conditions in agreements for consumer financial products or services.

Proposed Rule related to digital assets operating as a medium of exchange or payment in accounts established primarily for personal, family, or household purposes.

The CFPB proposes to amend Regulation V, which implements the FCRA, to protect consumer information in the consumer reporting marketplace, including information sold by data brokers.

The CFPB proposes a narrowly tailored amendment to Regulation E to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses or charters their remittance transfer provider.

The CFPB is seeking public comment on an interagency proposed rule establishing data standards to promote interoperability of financial regulatory data across these agencies.

The Consumer Financial Protection Bureau (CFPB) is proposing this interpretive rule to help participants in the market for paycheck advance products determine when certain existing requirements under Federal law are triggered. The proposed interpretive rule also addresses certain costs that are in substantial connection with extensions of such credit, such as expedited delivery fees and costs marketed as “tips.”

This proposed rule amending Regulation X would, among other things, streamline existing requirements when borrowers seek payment assistance in times of distress, add safeguards when borrowers seek help, and revise existing requirements with respect to borrower assistance.

The CFPB is seeking public comment on a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical information.

The CFPB proposes to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions.

CFPB Issues Required Rulemaking on Personal Financial Data Rights (CFPA section 1033)

The Bureau is proposing to establish a public registry for nonbanks subject to the Bureau’s supervisory authority that use covered terms or conditions, as described in the proposed rule, in a new part 1092 in title 12 of the Code of Federal Regulations.

The Bureau seeks comment on proposed amendments to Regulation V, which would establish a method for a victim of trafficking to submit documentation identifying any adverse item of information about the consumer that resulted from certain types of human trafficking and prohibit the consumer reporting agencies from furnishing a consumer report containing the adverse item(s) of information.

The Bureau is issuing this proposed rule to implement section 1071 of the Dodd-Frank Act, governing small business lending data collection under ECOA and Regulation B.

The Bureau is proposing to extend the effective date of two final rules titled Debt Collection Practices (Regulation F) from November 30, 2021 until January 29, 2022.

The Bureau of Consumer Financial Protection (Bureau) is proposing amending Regulation X to assist borrowers affected by the COVID-19 emergency. The proposed amendments would generally prohibit servicers from making the first notice or filing required for foreclosure until after December 31, 2021, amend early intervention and reasonable diligence obligations to ensure that servicers are communicating timely and accurate information to borrowers about their loss mitigation options during the current crisis, and temporarily permit mortgage servicers to offer certain loss mitigation options made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.

The Bureau proposes to amend Regulation Z to replace the Temporary GSE QM loan definition’s sunset date with a provision that extends the definition to expire upon the effective date of final amendments to the General QM loan definition.

The Bureau of Consumer Financial Protection is proposing to create a new category of QMs (Seasoned QMs) for first-lien, fixed-rate covered transactions that have met certain performance requirements over a 36-month seasoning period, are held in portfolio until the end of the seasoning period, comply with general restrictions on product features and points and fees, and meet certain underwriting requirements.

The Bureau is proposing to exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

The Bureau proposes to amend Regulation Z to replace the Temporary GSE QM loan definition’s sunset date with a provision that extends the definition to expire upon the effective date of final amendments to the General QM loan definition.

In this notice, the Bureau proposes certain amendments to the General QM loan definition in Regulation Z.

The Bureau is proposing to amend Regulation Z, which implements the Truth in Lending Act, generally to address the sunset of LIBOR, expected to be discontinued after 2021.

The Bureau of Consumer Financial Protection proposes to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), by proposing to require debt collectors to make certain disclosures when collecting time-barred debts.

This notice proposes changes to the Remittance Rule to mitigate the expiration of an exception that allows insured institutions to estimate certain costs associated with sending a remittance transfer to increase the normal course of business safe harbor.

The Bureau proposes to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), to prescribe Federal rules governing the activities of debt collectors covered by the FDCPA.

The Bureau is proposing to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans, extend the temporary threshold for reporting data about open-end lines of credit and set a threshold upon expiration of the proposed extension, and further implement the amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act.