The list includes updating the Community Reinvestment Act, reviewing bank merger rules, implementing Basel III standards and expanding engagement on crypto- and climate-related risks.
According to one study, payday loans respond to supply and demand and don’t generally march upward to state maximums. However, Georgetown law professor Adam Levitin said the study coded state loan maximums incorrectly, invalidating the findings.
The CFPB’s rulemaking efforts to implement consumer financial data access rights under Section 1033 of the Dodd-Frank Act will now include the issue of consumer data portability.
The New York Department of Financial Services wants the CFPB to share with state regulators the data it plans to collect on small-business loans. The NYDFS also wants the final rule to extend coverage to include all minority- and women-owned businesses.
In a new request for input, the bureau has asked consumers to share their experiences with fees charged in connection to their mortgages, deposit accounts, credit cards and prepaid accounts, among others.
While both industry and consumer groups generally support the proposed rule’s objectives, they want the CFPB to reconsider some definitions and reporting of certain discretionary data points.
The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
A partner at Alston & Bird said the bureau’s orders to six tech firms operating payment systems may have violated the Paperwork Reduction Act. The rule requires months of public outreach and OMB approval before information collection requests can be sent.