New Year’s resolutions Part 2: The CFPB

by Nick St. John, NAFCU Compliance Blog

Last week, we blogged about FinCEN’s “New Year’s Resolutions,” as laid out in the Fall 2021 Rulemaking Agendas they published in December. Today we’ll take a look at the agenda of another federal regulator – the Consumer Financial Protection Bureau (CFPB).

The CFPB’s Fall 2021 regulatory agenda was relatively short. The Bureau put out a blog post, saying that the agenda “reflects the continuation of significant rulemakings that further our consumer financial protection mission and help to advance the country’s economic recovery from the financial crisis related to the COVID-19 pandemic.” The blog also states the Bureau anticipates that Director Rohit Chopra’s priorities will be “more fully reflected in the Spring 2022 agenda.”  Here’s what is on the Fall 2021 Agenda:

  • Section 1033 Rulemaking: In the pre-rule stage, a possible rule to implement section 1033 of the Dodd-Frank Act. Section 1033 seeks to create uniform standards for “covered persons” (such as credit unions) to make transactional data available to consumers. This is related to an Advanced Notice of Proposed Rulemaking published by the Bureau in November 2020, and this September 2021 report from the Congressional Research Service. The agenda says that pre-rule activity can be expected around April 2022.

 

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