On December 3, 2013, the Consumer Financial Protection Bureau (“CFPB”) released its semi-annual update to its rulemaking agenda. The fall 2013 agenda covers rulemaking that the CFPB is continuing to work that are mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and that the Bureau has turned its attention to issues in other major markets for consumer financial products and services. The regulatory agenda provides banks and nonbanks, and their service providers, a useful guide for understanding the CFPB’s rulemaking direction and related priorities.
Mortgage Rulemakings Continue -
In 2013 the CFPB continued work on several significant rulemakings mandated by the Dodd-Frank Act, including rules and other significant reforms concerning mortgage originations, servicing, and most recently, the federal disclosures that consumers receive shortly after application and shortly before closing. In 2014, the rulemaking agenda indicates that the CFPB expects to begin work on follow-up mortgage issues, including: (a) how to apply certain exemptions under the Dodd-Frank Act that is designed to preserve credit in “rural or underserved” areas; (2) a proposed rule to implement Dodd-Frank Act changes to the Home Mortgage Disclosure Act.
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