The CFPB is moving forward with a pilot that would test alternative disclosures for construction loans.

While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.

A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule.