Rules under development

The Consumer Financial Protection Bureau (CFPB) is seeking information in advance of preparing a proposed rule to address concerns related to information furnished to credit bureaus and other consumer reporting agencies concerning coerced debt.

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 prohibit covered financial institutions from charging nonsufficient funds (NSF) fees on payment transactions that are instantaneously declined because such fees would constitute an abusive practice.

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 proposed rule would implement quality control standards for the use of automated valuation models by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.

The Bureau proposes to address how the Truth in Lending Act applies to Property Assessed Clean Energy (PACE) financing transactions to account for the unique nature of PACE.

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 CFPB is seeking information on credit card late fees and late payments, and card issuers’ revenue and expenses.

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 and other agencies are inviting comment on a proposed rule that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance.

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.