[author: Barbara S. Mishkin]
The semiannual regulatory agenda released by the CFPB earlier this week provides an overview of the CFPB’s extensive rulemaking activities, including not only proposed and finalized rules but also rules on the drawing board (or, as described by the agenda, in the “prerule stage.”) The agenda states that the information is current as of April 13, 2012 and “the CFPB reasonably anticipates having the regulatory matters identified [in the agenda] under consideration during the period from June 1, 2012, to May 31, 2013.”
The “prerule stage” items are rules (1) requiring registration of certain nonbanks, with an advance notice of proposed rulemaking (ANPRM) to be issued in January 2013, (2) coordinating the supervisory authority of the CFPB and prudential regulators over depository institutions, with further action expected in September 2012, and (3) addressing HMDA data collection requirements, with further action expected in April 2013. (The “prerule stage” items also include the ANPRM on extending Regulation E protections to general purpose reloadable prepaid cards which the CFPB already issued in May 2012.)
The agenda ‘s list of rules in the “proposed rule stage” includes not only proposals that have actually been issued but also several anticipated mortgage-related proposals that are still to be issued, such as the rules on mortgage originator standards and mortgage servicing requirements. With regard to servicing, the CFPB states that, in addition to implementing Dodd-Frank requirements, it “also is considering whether to propose additional requirements for early intervention and continuity of contact for troubled and delinquent borrowers, and for servicers to adopt reasonable information management policies and procedures.” The CFPB also notes that it is involved in an interagency process with other federal regulators “to consider broader issues regarding national servicing standards.”
Finally, in the category of “long-term actions” the CFPB lists (1) issuing a proposed permanent AMTPA rule in June 2013, (2) issuing a proposed Regulation B rule dealing with data on applications made by women-or minority-owned businesses and small businesses in June 2013, and (3) taking action on various pending mortgage-related Regulation Z proposals issued by the Federal Reserve Board, with the timing of such action to be determined.
In all, the agenda lists 27 rulemaking items. If there’s one clear take-away, it would seem to be that for the foreseeable future, the industry will need to be ready to implement a constant stream of new regulatory requirements.