Alert July 09, 2013

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda as part of the broader initiative led by the OMB to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government. The rulemaking agenda includes a number of rulemakings mandated by the Dodd-Frank Act, such as the recently issued mortgage rules scheduled to take effect in January 2014 (see e.g., January 10, 2013 Alert) and the CFPB notes that it is focusing on the implementation process for these rules. The rulemaking agenda also highlights that the CFPB is working to complete a rule to integrate and streamline federal mortgage disclosures, continuing rulemaking to implement its supervisory program for certain nonbanks and conducting outreach and research to assess issues in various other markets for consumer financial products and services. Of note, the CFPB noted that it plans to "build on an advance notice of proposed rulemaking" related to prepaid cards by proposing a rule to "strengthen federal consumer protections" for prepaid cards. The May 2012 advanced notice of proposed rulemaking sought to extend the protections under Regulation E, the implementing regulation for the Electronic Fund Transfers Act, to general purpose reloadable prepaid cards.