CFPB Rulemaking Agenda


Today, we are posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government. Portions of the Unified Agenda are published in the Federal Register, and the full set of materials is available online.

Federal agencies typically release regulatory agendas twice a year. Each spring and fall, OMB and the Regulatory Information Service Center (RISC), work with federal agencies to compile a list that outlines most of the rulemaking activities of the agencies for the coming 12-month cycle. It also includes recently-completed rulemakings. As an independent agency, we are required to publish certain items in the Federal Register by law and voluntarily participate in the broader Unified Agenda process.

Our agenda includes a number of rulemakings mandated by the Dodd-Frank Act. For example, we recently issued several mortgage-related rules, most of which will take effect in January 2014. We are now focusing intensely on supporting the implementation process for those rules, and have proposed some clarifications and amendments to the rules to address questions raised by stakeholders. We are also working to complete a rule to integrate and streamline federal mortgage disclosures. Pending the results of additional testing, we expect to issue the final rule this fall, although we would not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules.

We are also continuing rulemakings to implement our supervisory program for certain nonbank entities. For example, in March 2013, we issued a proposed rule which, if finalized, would bring nonbank larger participants in the student loan servicing market within our supervisory authority. In June 2013, we issued a final rule establishing procedures to implement our authority to supervise certain nonbanks that we have a reasonable cause to determine are engaging, or have engaged, in activity that poses risks to consumers in connection with offering or providing consumer financial products or services. These procedures address issuing a notice to a nonbank that we may have “reasonable cause,” and providing the nonbank with an opportunity to respond.

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