CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

Ballard Spahr LLP

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” The official confirmation follows statements made by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next larger participant rule would relate to auto finance. At that time, Alan Kaplinsky, who spoke at the CBA meeting, wrote that he anticipated seeing the proposal during the summer and, consistent with Alan’s expectations, the agenda gives an August 2014 timetable for the proposal.

The CFPB’s Spring 2014 rulemaking agenda describes payday loans/deposit advance products, overdrafts, and debt collection as in the “prerule stage,” and prepaid cards as in the “proposed rule stage.” The agenda gives a June 2014 timetable for a prepaid card rule proposal. For payday loans and deposit advance products, the agenda gives a September 2014 timetable for further “prerule activities.” For debt collection and overdraft practices, the agenda gives timetables of, respectively, December 2014 and February 2015 for further “prerule activities.”

The agenda also indicates that further amendments to the CFPB’s 2013 mortgage rules are in the “proposed rule stage” but gives no timetable for further proposed clarifications or amendments beyond those already issued. With regard to revisions to Regulation C to implement amendments made to the Home Mortgage Disclosure Act by Dodd-Frank that included expanded data collection requirements, the agenda references the CFPB’s plans (on which we previously reported) to convene a Small Business Review Panel and begin developing a proposed rule. With regard to the Gramm-Leach-Bliley annual privacy notice, the agenda references the CFPB’s plans to issue a proposed “streamlining rule.” The CFPB issued the proposal in May 2014.


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