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CFPB publishes Spring 2020 rulemaking agenda
The Bureau has published its Spring 2020 Rulemaking Agenda, which lists the regulatory matters that it expects to focus on between May 1, 2020 and April 30, 2021. In addition to actions already taken, the Agenda lists several other regulatory activities planned for the remainder of 2020 through the spring of 2021, including—
- A proposed rule to implement section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA), which requires the Bureau to conduct a rulemaking to exempt certain loans from the escrow requirements applicable to higher-priced mortgage loans if they are made by certain creditors with assets of $10 billion or less and that meet other criteria.
- In the fall of 2020, significant steps toward implementing section 1071 of the Dodd-Frank Act, requiring the collection and reporting of certain information on credit applications made by women-owned, minority-owned, and small businesses.
- Also in the fall of 2020, two new proposed rules under HMDA relating to data points reported and public disclosure of HMDA data in light of consumer privacy considerations.
- October 2020 final action on the May 2019 proposed rules under Regulation F to govern the activities of debt collectors under the FDCPA, followed at a later date with final action on the supplemental proposal addressing time-barred debt disclosures.
- Consideration later in 2020 of a proposed rule with a "seasoning" definition of "qualified mortgage," to provide an alternate pathway to QM safe-harbor status for certain mortgage loans when the borrower has consistently made timely mortgage payments for a period.