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Wednesday, May 27, 2015

CFPB Updates Rulemaking Schedule for 2015-2016

The Consumer Financial Protection Bureau last week updated its rulemaking agenda for the remainder of 2015 and into 2016. According to the schedule, the bureau’s controversial Home Mortgage Disclosure Act expansion is expected to be finalized this summer. A final rule tweaking the rural and underserved area definitions in the Ability-to-Repay Rule is expected by the fall, with another final rule on successors in interest expected next spring.

The CFPB said it expected to issue a final rule on prepaid products by early 2016 and a proposed rule on payday and auto title loans later in 2015. It said it is still conducting research on potential rulemakings on overdrafts, debt collection and arbitration.

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