Updates to the regulatory agenda for the CFPB were recently released. Below is a glimpse into what the CFPB is working on. Keep in mind, the dates provided are only projected and may or may not be the actual date a proposed or final rule is released or published.
CFPB
There are a couple proposed rules on the agenda that have already been issued. These include:
Regulation V: This seeks to further limit how medical debts can be used in underwriting decisions. In fact, the CFPB is considering whether medical debts should be included within consumer reports ordered by creditors.
Mortgage Servicing: This would revise some of the current mortgage servicing rules by 1) replacing some current loss mitigation requirements with new “foreclosure procedural safeguards”; 2) revise early intervention content and notice requirements; 3) change the loss mitigation determination notice and appeal requirements; and 4) promote the availability of early intervention and loss mitigation communications in languages other than English. The CFPB is also looking for ways to ensure credit reporting accuracy, specifically for borrowers during loss mitigation review.
NSF Fees (October 2024): This Rule would address charging fees for instantaneously declined transactions. The January 2024 proposal stated that charging NSF fees in some of these circumstances was an abusive act or practice.
Section 1033 (October 2024): This Rule would require financial institutions to make certain data available to consumers in a standard format.
Overdraft Rule (January 2025): This Rule would require overdraft credit extended by very large financial institutions to follow specific disclosure requirements, unless the fee charged stays within a restricted amount.
PACE Financing (May 2025): This Rule would bring Property Assessed Clean Energy (PACE) financing, in line with the Ability to Repay requirements.
Regulation AA (September 2024): You may remember that Regulation AA made it unlawful for certain things to be enforced or even included in consumer credit contracts. The CFPB is apparently considering a similar rule, quite possibly due to the recent concerns it has voiced with deceptive contracts.
Mortgage Closing Costs: The CFPB also appears to be working on addressing mortgage closing costs. The agenda notes, however, that only that “pre-rule activities” will continue, with a date of December 2024.
As the CFPB continues its work, we can expect to hear more about these and other items. Stay tuned!
Published
2024/07/29
