Banking and Finance Law Daily Wrap Up, CONSUMER FINANCIAL PROTECTION BUREAU—CFPB Releases Semi–Annual Report to Congress, (Apr 1, 2013)
Organizations Mentioned:Consumer Financial Protection Bureau
By Sarah Borchersen-Keto, Washington News Bureau
The Consumer Financial Protection Bureau said it expects to accelerate work on rulemakings mandated under the Dodd-Frank Act, such as amendments to the Home Mortgage Disclosure Act that would require creditors to collect and report certain additional lending data.
In its semi-annual report to Congress released March 29, 2013, the CFPB also said it is in the process of assessing information gathered in the past year concerning a number of consumer financial products and services, in addition to mortgage loans, to determine whether rulemakings are warranted to address other markets.
The CFPB noted that it has issued requests for information, an advanced notice of proposed rulemaking, and congressionally mandated and other reports in the past year concerning a wide variety of markets and consumer financial issues. The CFPB added that it expects to issue a proposed rule regarding prepaid cards in 2013.
Meanwhile, the CFPB said it continues to work with consumer and industry stakeholders to interpret and streamline regulations that implement existing federal consumer financial protection laws. In addition, the CFPB noted that it is also working to find ways of facilitating industry compliance, especially for community banks, credit unions, and small entities, with newly issued rules.
RegulatoryActivity: ConsumerCredit CFPB