On November 17, 2023,the CFPB released their semi-annual report for the Spring 2023. This version of the regular report to Congress covers the period beginning on October 1, 2022 and ending March 31, 2023.
As is the case in each semi-annual report to Congress, the CFPB includes a number of topics ranging from challenges consumers face to a summary of new rules adopted by the Bureau. While some of this information isn’t extremely important to compliance professionals, the following sections could be important for financial institutions:
List of Significant Rules Adopted by the CFPB
The first section of the report discusses a list of significant rules adopted by the CFPB for the time period covered in the report. The Bureau explained that they issued the following rules:
Final Rules
Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking (Regulation V)
Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination; Public Release of Decisions and Orders
Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)
Proposed Rules
Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking
Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections
Credit Card Penalty Fees
Pre-rule Material
SBREFA Outline: Small Business Advisory Review Panel for the Required Rulemaking on Personal Financial Data Rights – Outline of Proposals and Alternatives Under Consideration
Plan for Upcoming Rules
In their annual report, the CFPB also included their plan for the following upcoming rules:
Interim Final Rule: Facilitating the LIBOR Transition Consistent with the LIBOR Act (Regulation Z)
Proposed Rule: Residential Property Assessed Clean Energy Financing (Regulation Z)
Proposed Interagency Rule: Quality Control Standards for Automated Valuation Models
Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations
SBREFA Outline: Small Business Advisory Review Panel for Consumer Reporting Rulemaking - Outline of Proposals and Alternatives Under Consideration.
The full report can be found here.