CFPB sets agenda for 2017 rulemaking
League sources report that the Consumer Financial Protection Bureau has finalized its agenda for 2017. Among items of note, the Bureau issued a Notice of Proposed Rulemaking (NPRM) in May 2016 concerning the use of arbitration clauses in consumer financial agreements. The comment period for the NPRM ended on Aug. 22, 2016. The bureau is in the process of reviewing comments, and the CFPB intends to release a final rule in February 2017.
The Bureau released a NPRM in June 2016 to cover payday loans, vehicle title loans, and other, similar credit products. The comment period for the NPRM ended on Oct. 7, 2016, and the period for a related request for Information ended on Nov. 7, 2016. The bureau is in the process of reviewing comments, and the agenda does not indicate a target date for issuing a final rule.
In August 2016, the CFPB released an NPRM that addresses the protection and disclosure of confidential supervisory information “that the Bureau obtains in connection with the exercise of its authorities under Federal consumer financial law.” The comment period for the NPRM ended on Oct. 24, 2016. The CFPB intends to release a final rule in April 2017.
Also of interest, the CFPB is engaged in developing proposed rules to regulate debt collection practices. Building on the bureau’s November 2013 Advance Notice of Proposed Rulemaking, the CFPB released materials in July 2016 in advance of convening a panel under the Small Business Regulatory Enforcement Fairness Act (SBREFA). The CFPB also has been analyzing the results of a survey to obtain information from consumers about their experiences with debt collection.