[Federal Register Volume 78, Number 5 (Tuesday, January 8, 2013)]
[Unknown Section]
[Pages 1652-1657]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31512]
[[Page 1651]]
Vol. 78
Tuesday,
No. 5
January 8, 2013
Part XX
Bureau of Consumer Financial Protection
-----------------------------------------------------------------------
Semiannual Regulatory Agenda
Federal Register / Vol. 78 , No. 5 / Tuesday, January 8, 2013 /
Unified Agenda
[[Page 1652]]
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Ch. X
Semiannual Regulatory Agenda
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Semiannual regulatory agenda.
-----------------------------------------------------------------------
SUMMARY: The Bureau of Consumer Financial Protection (CFPB) is
publishing this agenda as part of the Fall 2013 Unified Agenda of
Federal Regulatory and Deregulatory Actions. The CFPB reasonably
anticipates having the regulatory matters identified below under
consideration during the period from October 1, 2012 to October 1,
2013. The next agenda will be published in spring 2013 and will update
this agenda through October 1, 2013. Publication of this agenda is in
accordance with the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
DATES: This information is current as of November 30, 2012.
ADDRESSES: Bureau of Consumer Financial Protection, 1700 G Street NW.,
Washington, DC 20552.
FOR FURTHER INFORMATION CONTACT: A staff contact is included for each
regulatory item listed herein.
SUPPLEMENTARY INFORMATION: The CFPB is publishing its fall 2012 agenda
as part of the Fall 2012 Unified Agenda of Federal Regulatory and
Deregulatory Actions, which is coordinated by the Office of Management
and Budget under Executive Order 12866. The CFPB's participation in the
Unified Agenda is voluntary. The complete Unified Agenda will be
available to the public at the following Web site: http://www.reginfo.gov.
Pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Pub. L. 111-203, 124 Stat. 1376) (Dodd-Frank Act), the
CFPB has rulemaking, supervisory, enforcement, and other authorities
relating to consumer financial products and services. These authorities
include the ability to issue regulations under more than a dozen
Federal consumer financial laws, which transferred to the CFPB from
seven Federal agencies on July 21, 2011. 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
because the Unified Agenda is limited to rulemaking activities.
The CFPB reasonably anticipates having the regulatory matters
identified below under consideration during the period from October 1,
2012, to October 1, 2013.\1\ These primarily include various
rulemakings mandated by the Dodd-Frank Act, such as several mortgage-
related rulemakings and rulemakings to implement the CFPB's supervisory
program for nondepository covered persons by, among other things,
defining ``larger participants'' in certain consumer financial product
and service markets.
---------------------------------------------------------------------------
\1\ The listing does not include certain routine or
administrative matters. Further, certain of the information fields
for the listing are not applicable to independent regulatory
agencies, including the CFPB, and, accordingly, the CFPB has
indicated responses of ``no'' for such fields.
---------------------------------------------------------------------------
As the CFPB completes several mortgage-related rulemakings in
January 2013, it is continuing to assess the need and resources
available for additional rulemakings. For instance, the Dodd-Frank Act
mandates rulemakings to implement amendments to the Home Mortgage
Disclosure Act, and to the Equal Credit Opportunity Act to create a
data reporting regime concerning small, women-owned, or minority-owned
business lending. The CFPB has also inherited proposed rules concerning
mortgage loans, home equity lines of credit, and other topics from
other agencies as part of the transfer of authorities under the Dodd-
Frank Act.
As discussed in more detail in the CFPB's Fall 2012 Statement of
Regulatory Priorities, the CFPB in the last year has also issued
reports, Requests for Information, and an Advance Notice of Proposed
Rulemaking on a variety of topics that may be suitable for rulemaking.
For instance, the Bureau has sought extensive comment on ways to reduce
regulatory burden through the streamlining of regulations that the
Bureau inherited from other agencies under the Dodd-Frank Act. It has
also conducted research and outreach on a variety of consumer financial
products and services, including payday lending and deposit advance
loans, bank overdraft programs, private student loans, prepaid cards,
and reverse mortgages. The Bureau expects to update its agenda in
spring 2013 to reflect the results of this prioritization and planning
process.
Dated: November 30, 2012.
Meredith Fuchs,
General Counsel, Bureau of Consumer Financial Protection.
Consumer Financial Protection Bureau--Final Rule Stage
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
424....................... Loan Originator 3170-AA13
Compensation (Regulation
Z).
425....................... Mortgage Servicing 3170-AA14
(Regulation X; Regulation
Z).
426....................... Requirements for Escrow 3170-AA16
Accounts (Regulation Z).
427....................... TILA Ability to Repay 3170-AA17
(Regulation Z).
428....................... TILA/RESPA Mortgage 3170-AA19
Disclosure Integration
(Regulation X; Regulation
Z).
429....................... The Expedited Funds 3170-AA31
Availability Act
(Regulation CC).
------------------------------------------------------------------------
Consumer Financial Protection Bureau--Long-Term Actions
------------------------------------------------------------------------
Regulation
Sequence No. Title Identifier No.
------------------------------------------------------------------------
430....................... Business Lending Data 3170-AA09
(Regulation B).
------------------------------------------------------------------------
[[Page 1653]]
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Final Rule Stage
424. Loan Originator Compensation (Regulation Z)
Legal Authority: 12 U.S.C. 5512; 12 U.S.C. 5581; 15 U.S.C. 1601 et
seq.
Abstract: The CFPB published for public comment in August 2012 a
proposed rule amending Regulation Z (Truth in Lending) to implement
amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The
proposal would implement statutory changes made by the Dodd-Frank Act
to Regulation Z's current loan originator compensation provisions,
including a new additional restriction on the imposition of any upfront
discount points, origination points, or fees on consumers under certain
circumstances. In addition, the proposal implements additional
requirements imposed by the Dodd-Frank Act concerning proper
qualification and registration or licensing for loan originators. The
proposal also implements Dodd-Frank Act restrictions on mandatory
arbitration and the financing of certain credit insurance premiums.
Finally, the proposal provides additional guidance and clarification
under the existing regulation's provisions restricting loan originator
compensation practices, including guidance on the application of those
provisions to certain profit-sharing plans and the appropriate analysis
of payments to loan originators based on factors that are not terms but
that may act as proxies for a transaction's terms. The comment period
for the proposed rule ended on October 16, 2012, except that the
comment period for that portion of the proposal relating to proposed
information collections under the Paperwork Reduction Act closed on
November 6, 2012. The CFPB is working to issue a final rule. The CFPB
will issue at a later time proposed regulations on anti-steering
provisions that TILA section 129B(c)(3) requires the CFPB to adopt.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 09/07/12 77 FR 55272
NPRM Comment Period End............. 10/16/12
Final Rule.......................... 01/00/13
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Charles Honig, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA13
425. Mortgage Servicing (Regulation X; Regulation Z)
Legal Authority: 12 U.S.C. 2601 et seq.; 12 U.S.C. 5512; 12 U.S.C.
5581; 12 U.S.C. 5582; 15 U.S.C. 1602; 15 U.S.C. 1638; 15 U.S.C. 1638a;
15 U.S.C. 1639f; 15 U.S.C. 1639g
Abstract: The CFPB has proposed to amend Regulation Z, which
implements the Truth in Lending Act (TILA), and the official
interpretation of the regulation. The proposed amendments would
implement the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the Dodd-Frank Act) provisions regarding mortgage loan servicing.
Specifically, the CFPB's Regulation Z proposal implements Dodd Frank
Act sections addressing initial rate adjustment notices for adjustable-
rate mortgages (ARMs), periodic statements for residential mortgage
loans, and prompt crediting of mortgage payments and response to
requests for payoff amounts. The proposed revisions would also amend
current rules governing the scope, timing, content, and format of
current disclosures to consumers occasioned by interest rate
adjustments of their variable-rate transactions.
The CFPB also has proposed to amend Regulation X, which implements
the Real Estate Settlement Procedures Act of 1974 (RESPA) and add a
supplement setting forth an official interpretation of the regulation.
The proposed amendments implement the Dodd-Frank Act provisions
regarding mortgage loan servicing. Specifically, the proposal requests
comment regarding proposed additions to Regulation X to address six
servicer obligations: (1) To correct errors asserted, and provide
information requested, by mortgage loan borrowers; (2) to alert
consumers to possible servicer imposition of force-placed insurance and
ensure that a reasonable basis exists to charge for it; (3) to
establish reasonable information management policies and procedures;
(4) to provide information about mortgage loss mitigation options and
foreclosure to delinquent borrowers; (5) to provide delinquent
borrowers access to servicer personnel with continuity of contact about
the borrower's mortgage loan account; and (6) to evaluate borrowers'
complete applications for available loss mitigation options. The
Regulation X proposal would also modify and streamline certain existing
general and servicing-related provisions of Regulation X. For instance,
the proposal would revise provisions relating to a mortgage servicer's
obligation to provide disclosures to borrowers in connection with a
transfer of mortgage servicing, and a mortgage servicer's obligation to
manage escrow accounts, including the obligation to advance funds to an
escrow account to maintain insurance coverage and to return amounts in
an escrow account to a borrower upon payment in full of a mortgage
loan. The comment period for the proposed rules ended on October 9,
2012, except that the comment period for that portion of the proposal
relating to proposed information collections under the Paperwork
Reduction Act closed on November 16, 2012. The CFPB is working to issue
final rules.
The CFPB is also participating in an interagency process among
Federal financial services regulators to consider broader issues
regarding national servicing standards.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM (Regulation X)................. 09/17/12 77 FR 57200
NPRM (Regulation Z)................. 09/17/12 77 FR 57318
NPRM Comment Period End............. 10/09/12
Final Rule.......................... 01/00/13 .......................
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Mitchell E. Hochberg, Office of Regulations,
Consumer Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA14
426. Requirements for Escrow Accounts (Regulation Z)
Legal Authority: 15 U.S.C. 1639
Abstract: The Board of Governors of the Federal Reserve System
(Board) published in the Federal Register on March 2, 2011, a proposed
rule to implement certain amendments to the Truth in Lending Act (TILA)
made by the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act) that lengthen the time for which a mandatory escrow
account established for a higher-priced mortgage loan must be
maintained. In addition, the Board's proposal would implement the Dodd-
Frank Act's disclosure requirements regarding escrow accounts. The
Board's proposal also would exempt certain loans from the statute's
escrow requirement, pursuant to authority in the Dodd-Frank Act. The
primary exemption would apply to mortgage loans extended by creditors
that operate predominantly in rural or underserved areas and meet
certain other prerequisites. Pursuant to the Dodd-Frank Act, the
rulemaking authority for
[[Page 1654]]
the TILA generally transferred from the Board to the CFPB on July 21,
2011. The CFPB is working to issue a final rule. The CFPB, in a
separate rulemaking (see RIN 3170-AA32), issued a final rule postponing
the implementation of the disclosures included in the Board's proposal.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/02/11 76 FR 11598
NPRM Comment Period End............. 05/02/11
Final Rule.......................... 01/00/13
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Paul Mondor, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA16
427. TILA Ability To Repay (Regulation Z)
Legal Authority: 12 U.S.C. 5512; 15 U.S.C. 1604; 15 U.S.C. 1639c
Abstract: The Board of Governors of the Federal Reserve System
(Board) published for public comment on May 11, 2011, a proposed rule
amending Regulation Z to implement amendments to the Truth in Lending
Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). Regulation Z currently prohibits a
creditor from making a higher-priced mortgage loan without regard to
the consumer's ability to repay the loan. The proposal would implement
statutory changes made by the Dodd-Frank Act that expand the scope of
the ability-to-repay requirement to cover any consumer credit
transaction secured by a dwelling (excluding an open-end credit plan,
timeshare plan, reverse mortgage, or temporary loan). In addition, the
proposal would establish standards for complying with the ability-to-
repay requirement, including by making a ``qualified mortgage.'' The
proposal also implements the Dodd-Frank Act's limits on prepayment
penalties. Finally, the proposal would require creditors to retain
evidence of compliance with this rule for three years after a loan is
consummated. Pursuant to the Dodd-Frank Act, the rulemaking authority
for the TILA generally transferred from the Board to the CFPB on July
21, 2011. On June 5, 2012, the CFPB issued a notice to reopen the
comment period until July 9, 2012, to seek comment on certain new data
and information submitted during or obtained after the close of the
original comment period. The CFPB is working to issue a final rule.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 05/11/11 76 FR 27390
NPRM Comment Period End............. 07/22/11
Supplemental NPRM................... 06/05/12 77 FR 33120
Supplemental NPRM Comment Period End 07/09/12
Final Rule.......................... 01/00/13
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Stephen Shin, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA17
428. TILA/RESPA Mortgage Disclosure Integration (Regulation X;
Regulation Z)
Legal Authority: 12 U.S.C. 2617; 12 U.S.C. 3806; 15 U.S.C. 1604; 15
U.S.C. 1637(c)(5); 15 U.S.C. 1639(l); 12 U.S.C. 5532
Abstract: Sections 1032(f), 1098, and 1100A of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the
CFPB to issue proposed rules and forms that combine certain disclosures
that consumers receive in connection with a mortgage loan under the
Truth in Lending Act and the Real Estate Settlement Procedures Act.
Consistent with this requirement, the CFPB has proposed to amend
Regulation X (Real Estate Settlement Procedures Act) and Regulation Z
(Truth in Lending) to establish new disclosure requirements and forms
in Regulation Z for most closed-end consumer credit transactions
secured by real property. In addition to combining the existing
disclosure requirements and implementing new requirements in the Dodd-
Frank Act, the CFPB's proposed rule provides extensive guidance
regarding compliance with those requirements. The proposal had two
comment periods. Comments on the proposed revisions to the definition
of the finance charge and the proposed compliance date for the new
Dodd-Frank Act disclosures were due September 7, 2012. Comments on all
other aspects of the proposal were due November 6, 2012. On September
6, 2012, the CFPB issued a notice extending the comment period to
November 6, 2012, for the proposed revisions to the definition of the
finance charge. The CFPB is working to issue a final rule. The CFPB
issued the final rule to implement the compliance dates for the new
Dodd-Frank Act disclosures that were proposed in this proposal in a
separate rulemaking, as noted elsewhere in this regulatory agenda (see
RIN 3170-AA32).
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 08/23/12 77 FR 51116
NPRM Comment Period Extended........ 09/06/12 77 FR 54843
NPRM Comment Period End............. 11/06/12
Final Rule.......................... 09/00/13
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Richard Horn, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA19
429. The Expedited Funds Availability Act (Regulation CC)
Legal Authority: 12 U.S.C. 4001 et seq.
Abstract: The Expedited Funds Availability Act (EFA Act),
implemented by Regulation CC, governs availability of funds after a
check deposit and check collection and return processes. Section 1086
of the Dodd-Frank Wall Street Reform and Consumer Protection Act
amended the EFA Act to provide the CFPB with joint rulemaking authority
with the Board of Governors of the Federal Reserve System (Board) over
certain consumer-related EFA Act provisions. The Board proposed
amendments to Regulation CC in March 2011, to facilitate the banking
industry's ongoing transition to fully-electronic interbank check
collection and return. The Board's proposal includes some provisions
that are subject to the CFPB's joint rulemaking authority, including
the period for funds availability and revising model form disclosures.
The CFPB will work with the Board to jointly issue a final rule that
includes provisions within the CFPB's authority.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
NPRM................................ 03/23/11 76 FR 16862
NPRM Comment Period End............. 06/30/11
Final Rule.......................... 08/00/13
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Stephen Shin, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA31
[[Page 1655]]
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
Long-Term Actions
430. Business Lending Data (Regulation B)
Legal Authority: 15 U.S.C. 1691c-2
Abstract: Section 1071 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit
Opportunity Act (ECOA) to require financial institutions to report
information concerning credit applications made by women- or minority-
owned businesses and small businesses. The amendments made by the Dodd-
Frank Act require that certain data be collected and maintained under
ECOA, including the number and date the application was received; the
type and purpose of loan applied for; the amount of credit applied for
and approved; the type of action taken with regard to each application
and the date of such action; the census tract of the principal place of
business; the gross annual revenue; and the race, sex, and ethnicity of
the principal owners of the business. The CFPB expects to begin
developing proposed regulations concerning the data to be collected and
appropriate procedures, information safeguards, and privacy protections
for information-gathering under this section.
Timetable:
------------------------------------------------------------------------
Action Date FR Cite
------------------------------------------------------------------------
CFPB Expects Further Action......... To Be Determined
------------------------------------------------------------------------
Regulatory Flexibility Analysis Required: Yes.
Agency Contact: Charles Honig, Office of Regulations, Consumer
Financial Protection Bureau, Phone: 202 435-7700.
RIN: 3170-AA09
[FR Doc. 2012-31512 Filed 1-7-13; 8:45 am]
BILLING CODE 4810-AM-P