CFPB’s Rulemaking Agenda Provides Glimpse into 2020

The CFPB’s 2020 Rulemaking Agenda provides a preview of the Bureau’s intended rulemaking activities for 2020. Here are the highlights of what we can look forward to in 2020:

Business Lending Data (Pre-rule Stage): Under Dodd-Frank and the Equal Credit Opportunity Act, the CFPB has rulemaking authority to require lenders to collect and submit data concerning credit applications made by women-owned, minority-owned, and small businesses. The Bureau intends to hold a symposium on small business data collection in 2020.

Higher-Priced Mortgage Loan Escrow Exemption (Pre-rule Stage): The Bureau is conducting preliminary analysis for rulemaking, which would exempt certain lenders and higher-priced mortgage loans from the FRB rule requiring the establishment of escrow accounts for payment of property taxes and insurance payments.

Debt Collection Rule (Proposed Rule Stage): The Agenda does not provide any further hints as to when a final rule will be published but does acknowledge that the Bureau is conducting consumer testing of disclosures related to time-barred debt. Proposed Section 1006.26(c) was reserved for that purpose. The Agenda indicates that, after testing, the Bureau will assess whether to publish a supplemental Notice of Proposed Rulemaking related to time-barred debt disclosures. No anticipated date for a final rule is included in the Agenda, which may suggest a delay to allow the Bureau to include the time-barred debt provisions before publication of the final rule.

Home Mortgage Disclosure Act Data (Proposed Rule Stage): The Bureau has indicated new proposed rules will be forthcoming as to the publication of HMDA data, as well as the collection and reporting of data points. The anticipated date for the NPRM is mid-summer.

Payday Lending (Final Rule): As many recalled, the CFPB rolled back the final rule issued in 2017 after a change in leadership. The CFPB now anticipates publishing its new rule in the Spring of 2020.