The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the annual privacy notice, and further amendments to the mortgage rules. Of import, the CFPB noted that it plans to move forward with a proposed rule on prepaid card products, and it plans to “intensify work” on the need for regulations in other consumer financial products and services markets, such as debt collection, payday loans, deposit advance products, and bank overdraft programs. In particular, the CFPB plans to test consumer disclosures in connection with prepaid products and debt collection. The rulemaking agenda highlights that rules on such products are in the pre-rule state.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  CFPB, Consumer Financial Products, Debt Collection, Deposit Advances, HMDA, Mortgages, Notice Requirements, Overdraft Fees, Payday Loans

Published In: Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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