On December 10, 2024, the CFPB released its semi-annual report for the Spring of 2024. This version of the regular report to Congress covers the period beginning on October 1, 2023, and ending on March 31, 2024.
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
Interim Final Rule: Facilitating the LIBOR Transition Consistent with the LIBOR Act (Regulation Z)
Consumer Leasing (Regulation M)
Truth in Lending (Regulation Z)
Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
Credit Card Penalty Fees (Regulation Z)
Proposed Rules
Residential Property Assessed Clean Energy Financing
Quality Control Standards for Automated Valuation Models
Small Business Advisory Review Panel for Consumer Reporting Rulemaking
Required Rulemaking on Personal Financial Data Rights
Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
Overdraft Lending: Very Large Financial Institutions
Fees for Instantaneously Declined Transactions
Plan for Upcoming Rules
In their annual report, the CFPB also included their plan for the following upcoming rules:
Procedures for Supervisory Designation Proceedings
Interpretive Rule: Truth in Lending (Regulation Z); Use of Digital User Access Accounts to Access Buy Now, Pay Later Loans
Final Rule: Reg CC Inflation-Adjusted Thresholds
Final Rule: Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
Final Rule: Required Rulemaking on Personal Data Rights; Industry Standard Setting
Proposed Rule: Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
Final Rule: Quality Control Standards for Automated Valuation Model
Proposed Rule: Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties; Regulation X
Interim Final Rule: Small Business Lending under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates
Proposed Rule: Financial Data Transparency Act Joint Data Standards
Proposed Rule: Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E)
The full report can be found here.