cfpb petitions for rulemakingcfpb petitions for rulemaking

In 2022, the CFPB's fair lending work centered on the consumers and communities most affected by unlawful discrimination. Peter Krall petitioned the CFPB regarding dealer-sold guaranteed asset protection (GAP) refunds. On February 16, the CFPB announced the launch of a new process for the public to submit petitions for rulemaking directly to the Bureau. Former government employees and other individuals who are paid to influence the agencys rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead. Links to petitions we have received appear below. The CFPB also continues to fight against bias in home appraisals and redlining. Separate from the public comment process, consumers having difficulty with a credit card company or other financial provider can submit complaints by visiting the CFPB's website or by calling (855) 411-CFPB (2372). 2.1.2. In 2022, the CFPBs fair lending work centered on the consumers and communities most affected by unlawful discrimination. We anticipate that Director Chopras regulatory priorities will be more fully reflected in the Spring 2022 Agenda. We are accepting public comments on the proposed rule through January 6, 2022, when we will begin to review and consider those comments as we move to develop a final rule. Equal Employment Opportunity Commission, Protecting consumers right to challenge discrimination, Protegiendo a propietarios de tasaciones discriminatorias de viviendas, Algorithms, artificial intelligence, and fairness in home appraisals, FFIEC Announces Availability of 2022 Data on Mortgage Lending, Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations, Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule, CFPB RegCast: Institutional Coverage under the Small Business Lending Rule, January 5, 2021 Release of the Taskforce on Federal Consumer Financial Law Report, CFPB Symposium: Abusive Acts or Practices. For more information, visit consumerfinance.gov. Explore guides to help you plan for big financial goals, Read Director Chopras remarks on the personal financial data rights rulemaking. The document released today is an outline of proposals and alternatives under consideration for the CFPBs data rights rulemaking. Rules & Policy The APA requires agencies to respond to petitions for rulemaking within a reasonable time, give petitioners prompt notice when a petition is denied in whole or in part, along with a brief statement of the grounds for the denial. The petitions will be on a public docket and open for comment. , Advance Notice of Proposed Rulemaking (ANPRM), Weve issued a new rule to help protect consumers using prepaid accounts, Weve updated our mortgage servicing rules to provide greater protections for mortgage borrowers and other homeowners, Consumers Count: Five years standing up for you, Opening Statement of Director Rohit Chopra before the House Committee on Financial Services, Opening Statement of Director Rohit Chopra before the Senate Committee on Banking, Housing, and Urban Affairs, Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule, CFPB RegCast: Institutional Coverage under the Small Business Lending Rule, CFPB Symposium: Cost-Benefit Analysis in Consumer Financial Protection Regulation, CFPB Symposium: Consumer Access to Financial Records. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. Today, the CFPB released its Fair Lending Annual Report to Congress, describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.. We have been working on this important and complex rulemaking for a number of years, through research, policy development, and public engagement. - CFPB's active rulemaking plans (includes pre-rule, proposed rule, and final rule activities). The CFPB's 2022 Fair Lending Annual Report to Congress The amendments require rules for quality control standards for AVMs. Explore guides to help you plan for big financial goals, recommendations issued by the Administrative Conference of the United States, submit petitions for rulemaking directly to the CFPB. The Agenda lists the regulatory matters that we plan to pursue during the period from November 1, 2021 to October 31, 2022, as described further below. FEB 16, 2022 Share & print WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. If you want to republish the article The other innovation of this double-edged reform lies in the transparency it creates. Petitions to Modify or Set Aside The CFPBs personal financial data rights rulemaking has the potential to jumpstart competition, giving Americans new options for financial products.. ### We have taken a number of steps to gather information and perspectives from the public, financial institutions, consumer advocacy groups, and others concerning current practices with respect to financial data access and data sharing and to learn more about this complex and rapidly changing market. Explore the CFPBs regulatory agenda, rules currently in development, and final rules. Through our enforcement and examination activity, interpretive rules and advisory opinions, circulars, and other tools, we continue to make clear that fair lending must be a top priority for all financial institutions. CFPB Launches Portal for Public Petitions for Rulemaking On February 16, 2022, the CFPB announced that the public can now submit petitions for rulemaking directly to the CFPB. Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. CFPB Spring 2023 rulemaking agenda includes proposed larger participant Petitions should include contact information, the type of action being requested, the factual and legal reasons for the proposed action and the expected effects the proposed action would have on relevant parties. Using special purpose credit programs to serve unmet credit needs Read the CFPB's High-Level Summary and Discussion Guide of Outline of Proposals and Alternatives Under Consideration for SBREFA: Required Rulemaking on Personal Financial Data Rights . We carefully assess the benefits and costs of the regulations we are considering for consumers and financial institutions. CUNA states concerns with CFPB 'abusive practices' rulemaking All rights reserved. Patrice Alexander Ficklin Key among these are the following: Section 1071 of the Dodd-Frank Act requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The Fair Lending Annual Report to Congress fulfills the CFPBs statutory responsibility to, among other things, report annually to Congress on public enforcement actions taken by other agencies with administrative enforcement responsibilities under the Equal Credit Opportunity Act (ECOA), and assessments of the extent to which compliance with ECOA has been achieved. The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. The complete Unified Agenda is available to the public at the following website: http://www.reginfo.gov. CFPB v. Timemark Solutions, Inc., et al. | Consumer Financial Weve created sandbox programs to encourage financial companies to experiment with better products and services for consumers. The Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for a rulemaking to implement section 1033 of the Dodd-Frank Act, which provides consumers rights to access their own financial data. Product benefits based on atypical use cases should be questioned and tested to protect consumers and small businesses from future harm . Digital technology is transforming the markets, including how payment, deposit, and lending services are provided and who provides them. ABA, trade groups call for changes to FHAs proposed partial claim option, FOMC pauses rate hike campaign to assess economic effects, minutes show, ABA calls for expansion of de minimis exception for reportable policy sales, Supreme Court upholds government authority to dismiss False Claims Act cases, Staying ahead of the curve: The latest website and marketing trends for banks. Among the recommendations made by the Administrative Conference was that an agency with rulemaking authority should have procedures, embodied in a written an publicly available policy statement or procedure rule, explaining how the agency, receives, process, and responds to petitions for rulemaking filed under the [APA]. The CFPB has published its new procedures for submitting petitions on its website. Section 610 of the Regulatory Flexibility Act (RFA) also requires us to consider the effect on small entities of certain rules we promulgate. It also fulfills the statutory requirement that the CFPB, in consultation with HUD, report annually on the utility of the Home Mortgage Disclosure Acts requirement that covered lenders itemize certain mortgage loan data. Our work is designed to lessen the financial impact to consumers and facilitate creditor compliance by providing examples of replacement indices that meet Regulation Z requirements. Washington, DC This initiative represents the latest step by the CFPB in pursuit of its agenda to increase consumer input into its decisions and the transparency of its decision-making. We have several regulatory activities planned through the fall of 2022. Podcast: Banking-as-a-service business models under pressure? CFPB, FDIC, NCUA, OCC, and FRB Issue Proposed Guidance on In keeping with our Rules Relating to Investigations , we may redact or withhold from public disclosure any petition or information contained within a petition for . It was founded in the wake of the 2008 financial crisis, when products initially billed as new and innovative resulted in harm to consumers and communities, and it will heed the lessons from that crisis. CFPB Launches New Process for Submitting Rulemaking Petitions Podcast: Perspectives from two bank risk and compliance leaders, Podcast: The anatomy of a community bank ransomware attack, Podcast: Analyzing first-quarter earnings and 2023 annual meetings. As part of our ongoing commitment to transparency, we will post petitions to set aside civil investigative demands and the corresponding orders. PACE financing has characteristics of both home equity lending and real property taxes. Kreyl Ayisyen Petitions for rulemaking We respond to petitions from interested persons for the issuance, amendment, or repeal of a CFPB rule, as required by the Administrative Procedure Act. 1700 G Street, NW Washington, D.C. 20552 Re: Petition for rulemaking defining larger participants of the aggregation services market Dear Director Chopra: The publics petitions will help the CFPB identify consumer protection issues worthy of reform, rulemaking, or in need of further clarification. Most recently, in November 2020, we published an Advance Notice of Proposed Rulemaking (ANPRM) concerning the implementation of section 1033. Susan M. Bernard Tagged: CFPB, Rulemaking, Administrative Law, Home | About | Services | People |News | Blog | Contact, (202) 587-5670325 N. Saint Paul Street, Suite 3100, Dallas, TX 75201, One South Church Avenue, Suite 1200, Tucson, AZ 85701, 1775 Eye St., NW , Suite 1150, Washington, DC 20006. Later, the panel will prepare a report on the input received from the small entities, and the CFPB will consider the input as it develops a proposed rule. By Susan M. Bernard - JUN 11, 2021. The Mortgage Bankers Association petitioned the CFPB to issue a rule amending the early intervention and loss mitigation requirements of Real Estate Settlement Procedures Act (Regulation X). Submitting a petition You can submit your petitions for rulemaking by emailing petitions@cfpb.gov In March 2019, we released an ANPRM to solicit information in order to develop a proposed rule and are continuing to engage with stakeholders and collect information for the rulemaking, including by collecting quantitative data on the effect of PACE on consumers financial outcomes. Petitions for Rulemaking , our joint statement with the Department of Justice, Federal Trade Commission, and U.S. Washington, DC 20036 As described in the outline, the CFPB is considering proposals, for instance, that would empower consumers who want to switch providers to transfer their account history to a new company, so they do not have to start over if they are unsatisfied with the service provided by an incumbent firm. Subscribe to our email newsletter. Thus, this reform provides a new tool that consumers can use to get the CFPB's attention. CFPB Creates New Process for the Public to Petition for Rulemaking and CUNA states concerns with CFPB 'abusive practices' rulemaking. We respond to petitions from interested persons for the issuance, amendment, or repeal of a CFPB rule, as required by the Administrative Procedure Act. PDF Bureau of Consumer F inancial Protection Read Director Chopras remarks on the personal financial data rights rulemaking. Consumer complaints about specific financial products or services should be submitted through the CFPBs complaint website. Americans should be able to easily exercise their Constitutional rights without hiring a high-priced lawyer or lobbyist, said CFPB Director Rohit Chopra. (855) 411-2372 Close Open the main menu Close the main menu Back Back Twice a year, the CFPB publishes an agenda of its planned rulemaking activities. Members of the public can request that the agency pursue a new rule, amend an existing one, or repeal a rule. All petitions and related materials submitted will become part of public record and will be subject to public disclosure, and the CFPB will respond to petitions for the issuance, amendment or repeal of an existing rule as required by the Administrative Procedures Act. RE: Petition f or R ulemaking R egarding A gency Guidance Documents Dear Mr. K ruckenberg a nd M r. Chenoweth , Thank y o u for f iling t he petition f or r ulemaking r egarding ag ency guidance docume nts. H.R.1313 - Transparency in CFPB Cost-Benefit Analysis Act Follow CFPB on Twitter and Facebook . Competition and Innovation Advisory Committees Warning Letters Payments to Harmed Consumers Industry Whistleblowers Petitions for Rulemaking CRL/CBA Petition CRL/CBA petitioned the CFPB. July 5, 2023. The CFPBs rulemaking process typically starts with research and is further informed by public input, including field hearings, consumer and industry roundtables, advisory bodies, and in some cases, small business review panels. And we will continue to take a whole-of-government approach to protect consumers from harmful uses of automated systems marketed as artificial intelligence. CFPB Announces New Process to Submit Petitions for Rulemaking The rulemaking process will include panel convenings to seek feedback from small entities on the proposals under consideration. In the CFPBs history, three rulemaking petitions have been filed. The CFPB aims to makes rules governing consumer finance markets more effective and to create new rules when warranted. Proposed rules are generally published to give industry, consumers, and other external stakeholders an opportunity to comment on their potential impact. Apply now for the CFPB Credit Union Advisory Council But, under State law, they are billed and repaid as special property tax assessments and typically secured by a lien with equal priority to real property taxes. (5 U.S.C. These quality control standards are designed to ensure a high level of confidence in the estimates produced by the valuation models, protect against the manipulation of data, seek to avoid conflicts of interest, require random sample testing and reviews, and account for any other such factor that the Agencies determine to be appropriate. 553(e)). Browse petitions for rulemaking CFPB Releases Reports on Banking Access and Consumer Finance in Community Catalyst petitioned the CFPB to issue a rule under the Fair Credit Reporting Act (FCRA) prohibiting the appearance of all medical debt on consumer credit reports. The comment period closed in February 2021. Explore guides to help you plan for big financial goals, By Regarding the CFPBs stated requirement that the industry use this public process, the CFPB stated, former government employees and other individuals who are paid to influence the agencys rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead. The CFPB stated that this announcement is part of a series of steps the CFPB is taking to ensure high standards of transparency and ethics, particularly when it comes to addressing the corrosive effects of the revolving door. The CFPB then noted its prior November 2021 guidance to its staff regarding potential misconduct by former CFPB employees that may be misusing information they obtained while working in the government or otherwise violating ethics rules, which can be accessed here.