Early during the week of July 16, 2012, the Consumer Financial Protection Bureau (CFPB) posted its semi-annual update of its rulemaking agenda. The last one that was published was the Fall 2011 agenda, which was made public in January. The agenda is a useful tool for credit unions to review in planning for upcoming proposed and final rules that will be issued by the CFPB. For a link to this document, click here.
Most of the content in the CFPB’s agenda is related to requirements that were mandated by Congress under the Dodd-Frank Act. Specifically, many of the rulemaking activities relate to the area of mortgage lending. According to the CFPB, a proposed interagency rule on appraisal requirements for “higher-risk” mortgages ois expected sometime in August. Note that this new term, brought as part of the Dodd-Frank Act, is different than what is currently known as “high-cost” and “higher-priced” mortgages.
The agenda also indicates that the CFPB expects to issue proposed regulations in August which will clarify the use of the unique identifier, payment of discount points and origination fees and points, and qualification requirements for loan originators.
Additionally, the CFPB plans to issue proposed regulations relating to mortgage servicing requirements mandated by the Dodd-Frank Act sometime between now and the end of this month, according to the agenda. Outside of the statutorily-mandated servicing requirements, “The CFPB is also 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 states that it is participating in an interagency process to consider “broader issues regarding national servicing standards” for mortgages.
Other rulemaking initiatives include a proposed rule on Regulation B concerning copies of appraisals or other valuations to be furnished by creditors expected for this month, a final rule on requirements for escrow accounts for higher-priced mortgage loans expected in December, the ability-to-repay final rule is now expected in December, and a final rule relating to the exemption threshold on the CFPB’s final remittances regulation now expected next month. The updated agenda also indicates, “The CFPB is working on a wide range of initiatives to address issues in markets for consumer financial products and services that are not reflected in this notice….” For more information on the CFPB’s regulatory agenda, click here.