The CFPB issued its Spring 2021 rulemaking agenda. As noted by BallardSpahr, this agenda “represents the ‘new CFPB’s’ first rulemaking agenda during the Biden Administration”, and it identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2021 to April 30, 2021.”
Regulations in the final rule stage has debt collection and LIBOR.
The proposed rule stage has
- Business Lending Data (Regulation B), concerning FI’s collection and reporting certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.
- Amendments to FIRREA Concerning Appraisals (Automated Valuation Models).
- Mortgage Servicing COVID-19 Relief. Here, the comment period on the NPRM closed on May 10, 2021, and the Bureau estimates in the agenda that it will issue a final rule in July 2021.
The pre-rule stage has
- Consumer Access to Financial Information. The Bureau issued an Advance Notice of Proposed Rulemaking in connection with its Section 1033 rulemaking in November 2021. In the agenda, the Bureau gives an estimated April 2022 date for its next pre-rule steps.
The Bureau identified long-term actions, but there are no estimated dates for further action. On this list are:
- Mortgage Servicing Rules.
- Artificial Intelligence. As noted by BallardSpahr, “[i]n February 2017, the CFPB issued an RFI concerning the use of alternative data and modeling techniques in the credit process. The Bureau states that it recognizes the importance of continuing to monitor the use of AI and machine learning and is evaluating “’whether rulemaking, a policy statement, or other Bureau action may become appropriate.’”
Eric J. Ellman is Senior Vice President for Public Policy and Legal Affairs at the Consumer Data Industry Association (CDIA) in Washington, DC. He also served for eight months as Interim President and CEO of the Association. More