Consumer Financial Protection Bureau

 

2016 Initiatives

Issue

Expected

Details

Overdraft Programs

January 2016

CFPB is researching/analyzing policy options for rulemaking on overdraft programs.  To date, the CFPB has produced a White Paper (June 2013) & a Report (July 2014).  The bureau has indicated a number of issues of concern such as consumer “opt in” consent, overdraft coverage limits, transaction posting order, overdraft/insufficient funds fee structures and involuntary account closures. 

Prepaid Cards & Similar Products; Final Rule-

Spring 2016

CFPB working on a final rule addressing Prepaid Cards & similar products. This follows a proposed rule issued in 2014. The rules would:

  • bring prepaid account products under Reg E
  • amend Reg E & Reg Z to regulate prepaid accounts with overdraft and credit features

Payday, Auto Title Lending & Similar Lending Products

First Quarter 2016

Any proposed rule will incorporate feedback provided by CFPB’s Small Business Advisory Review Panel.  CFPB has released an outline of proposals it is considering. The CFPB is considering:

  • ability to repay (ATR) requirements
  • limits on the ability to rollover loans
  • restricting “harmful” payment collection practices (requiring prior notice before accessing deposit accounts and limiting the # of times an account can be tapped for payment.)

Arbitration Agreements;
Proposed Rule Anticipated

Sometime in 2016

DFA directed CFPB to study the use of arbitration agreements in connection with consumer financial products/services.  After 3-year study, CFPB issued this report to Congress. In 2015 CFPB issued “Outline of Proposals under Consideration.” Seems CFPB considering proposals that would prohibit the application of arbitration agreements to class action cases in court and that would require arbitration disputes and awards  be reported to the CFPB.

Debt Collection Activities

Sometime in 2016

In November 2013 CFPB issued ANPR related to debt collection practices.  It is anticipated the CFPB will address the following in rulemaking sometime in 2016:

  • excessive/inconvenient collection calls
  • misleading representations with regard to collection litigation
  • false threats of litigation
  • prohibited disclosures to third parties
  • false/misleading debt collection representations

 

CFPB resources


CFPB’s Small Entity Compliance Guide: Ability to Repay and Qualified Mortgage Rule
2013 CFPB Bulletin Archive

2013 CFPB Rules Archive