CFPB Publishes Rulemaking Agenda That Has Doubled in Size in Six Months

The Consumer Financial Protection Bureau hasn’t officially announced it yet, but its regulatory agenda as of the Fall of 2022 has been published, a document that is updated twice a year to detail its planned rulemaking activities, and there are several items on the list that likely pertain to companies in the accounts receivable management industry.

The CFPB’s agenda can be accessed by clicking here.

Among the changes from its Spring agenda, a rule on Consumer Access to Financial Records, which was in the pre-rule stage in the Spring, is not on the Fall rulemaking agenda. The only other change from the Spring was a rule on Adverse Information in Cases of Human Trafficking Under the Debt Bondage Repair Act which was completed.

Where the CFPB only had five items on its agenda when it published its Spring list, it has twice as many items on it now.

In the pre-rule stage are:

  • Overdraft Fees
  • Fair Credit Reporting Act Rulemaking
  • Required Rulemaking on Personal Financial Data Rights
  • Fees for Insufficient Funds

In the proposed rule stage are:

  • Amendments to FIRREA Concerning Automated Valuation Models
  • Property Assessed Clean Energy Financing
  • Nonbank Registration – Nonbank Covered Persons Subject to Certain Enforcement Orders
  • Nonbank Registration – Terms and Conditions
  • Credit Card Penalty Fees

In the final rule stage is: Small Business Lending Data Collection Under the Equal Credit Opportunity Act.

The item on a terms and conditions is something that the CFPB has not yet mentioned. The agenda says that, “The Bureau is developing a proposed rule that would require supervised nonbank entities to register with the Bureau and provide information about their use of certain terms and conditions in standard-form contracts. In particular, the Bureau is developing a proposal to collect information standard terms used in contracts that are not subject to negotiating or that are not prominently advertised in marketing.” It seems related to a rule that would create a repeat offender registry by requiring nonbank entities to report enforcement actions and court orders to the CFPB.

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