On 6/30/2020, the CFPB published its Spring 2020 rulemaking agenda which lists items the CFPB expects to focus on between May 1, 2020 and April 30, 2021. In their release, the CFPB pointed out that the planning process for this agenda began months before the COVID-19 pandemic, so it may not reflect everything that actually occurs, especially as related to the pandemic. The CFPB agenda also outlines several regulations the CFPB plans to move forward with over the next year, including the following:
A proposed rule to implement section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA), which requires the Bureau to conduct a rulemaking to exempt certain loans from the escrow requirements applicable to higher-priced mortgage loans if they are made by certain creditors with assets of $10 billion or less and that meet other criteria.
In September 2020, we will take a significant step forward toward implementing section 1071 of the Dodd-Frank Act, which amended the Equal Credit Opportunity Act to require, subject to rules prescribed by the Bureau, financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. In advance of an October convening of a panel under the Small Business Regulatory Enforcement Fairness Act, the Bureau will publicly release materials that the panel will discuss with representatives of small entities likely to be directly affected by the Bureau’s rule to implement section 1071.
In the fall of 2020, we expect to propose two new rules under the Home Mortgage Disclosure Act (HMDA). One of these proposed rules follows up on a May 2019 advance notice of proposed rulemaking concerning certain data points that are reported under the 2015 HMDA rule and coverage of certain business or commercial purpose loans. The second addresses the public disclosure of HMDA data, in light of consumer privacy interests.
The Bureau expects to take final action in October 2020 with regard to the May 2019 proposed rule that would prescribe rules under Regulation F to govern the activities of debt collectors, as that term is defined under the Fair Debt Collection Practices Act. The Bureau’s proposed rule would, among other things, address communications in connection with debt collection; and interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection. At a later date, the Bureau also plans to take final action on its supplemental proposal issued in February 2020, which addressed time-barred debt disclosures. The Bureau extended the deadline for comments on that proposal to August 4, 2020, in light of the COVID-19 pandemic.
Finally, the Bureau is considering issuing later this year a proposed rule proposing a new “seasoning” definition of QM. This definition would create an alternative pathway to QM safe-harbor status for certain mortgages when the borrower has consistently made timely payments for a period.
The CFPB’s rulemaking agenda, which is part of the larger unified agenda, can be found here.