Regulatory actions the CFPB intends to pursue

The CFPB on Monday announced a list of six regulatory actions it intends to pursue as part of its fall 2021 agenda through Oct. 31, 2022.

“Our fall 2021 agenda reflects the continuation of significant rulemakings that further our consumer financial protection mission and help to advance the country’s economic recovery from the financial crisis related to the COVID-19 pandemic,” the CFPB said in a statement. “We also continue to prioritize work that promotes racial and economic equity and supports underserved and marginalized communities by, among other things, facilitating access to fair and affordable credit.”

The statement also noted that the bureau’s newly confirmed director, Rohit Chopra, began his term on Oct. 12, 2021, after it had submitted the fall 2021 agenda to OMB, and anticipates that Chopra’s regulatory priorities will be more fully reflected in the Spring 2022 agenda. Regulatory Report on Monday noted that “[c]onspicuously missing from the list of ‘key actions’ is anything new on regulating overdraft fees at banks and credit unions. Two weeks ago, the agency signaled it would be acting on the fees with the aim, it said, of restoring ‘meaningful competition.’”

Regulatory actions the CFPB intends to pursue in its fall 2021 agenda include:

  • small business lending data collection;
  • availability of electronic consumer financial account data;
  • property assessed clean energy financing;
  • standards for automated valuation models;
  • facilitating transition away from LIBOR index; and
  • reviewing existing regulations and market monitoring.

Leave a Reply