The CFPB published its Fall Rulemaking Agenda that outlines actions in pre-rule, proposed rule, long-term, and completed stages. The Agenda provides an insight as to where the CFPB is headed.
Current Initiatives:
Arbitration – The CFPB is beginning a rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans and various other consumer financial products or services. They are considering to propose rules that would prevent companies from prohibiting class action lawsuits and require arbitration filings and awards to be submitted to the CFPB.
Payday, auto title, and similar lending products – The CFPB plans on releasing a Notice of Proposed Rulemaking in early 2016 addressing concerns in payday, auto title and similar lending products.
Prepaid accounts – The CFPB is finalizing a proposed rule from 2014 that provides protections for prepaid accounts similar to existing ones for debit and payroll cards. They expect to release the final rule in spring of 2016.
Overdraft – The CFPB is preparing for a rulemaking on overdraft programs and checking accounts. Specifically, how consumers opt-in to overdraft coverage, overdraft coverage limits, order of transaction postings, fee structures, and account closures.
Debt collection – The CFPB is conducting research for a rulemaking on debt collection activities. Debt collection is the largest source of complaints that the CFPB receives.
Mortgage servicing – The CFPB is working to finalize a proposal from 2014 to amend certain areas of their 2013 mortgage servicing rules.
Long-Term Actions:
The CFPB is monitoring the credit reporting industry to identify issues with existing rules regarding the accuracy of credit reports along with the processes for resolving disputes or other issues. The CFPB is also looking into the student loan servicing market. There are no consistent, market-wide standards for student loans servings and the CFPB is monitoring this area to possibly issue rules for this.
