Jump to Content
ABA: The American Bankers Association
Compliance News

ABA Issues Staff Analysis on Fall Rulemaking Agenda

ABA has issued a members-only staff analysis of the CFPB and other federal agencies' fall 2021 rulemaking agenda. The CFPB's agenda is almost identical to the spring 2021 agenda, and the bureau noted that it does not reflect the priorities of CFPB Director Rohit Chopra, who was confirmed in the fall of 2021. Those priorities will be reflected in the release of the spring 2022 agenda, CFPB added.

Current CFPB rulemakings include Section 1071's small business lending data collection, amendments to FIRREA concerning appraisals, Section 1033's consumer access to financial records, and property assessed clean energy, or PACE, financing. The bureau's long-term actions include rulemaking on artificial intelligence and mortgage servicing amendments related to natural disasters or other emergencies. The bureau's inactive rulemakings are also identical to the spring 2021 agenda, though Chopra has expressed interest in some topics listed as "inactive," including overdraft practices.

Meanwhile, the Federal Reserve, FDIC and OCC announced plans to issue a proposed rule to modernize the Community Reinvestment Act. The Department of Housing and Urban Development announced plans to issue a final rule to allow private flood insurance on FHA-insured mortgages and a final rule to reinstate its 2013 disparate impact standard. The Federal Emergency Management Agency also announced plans to make changes to its standard flood insurance policy. The Securities Exchange Commission plans to issue a proposed rule on climate change disclosures and corporate board diversity. The Department of Labor announced its plan to revisit the Fair Labor Standard Act’s minimum wage and overtime requirements.

The Financial Crimes Enforcement Network also announced several upcoming rulemakings, many of which are related to implementing the Anti-Money Laundering Act of 2020. Most recently, FinCEN has issued a proposed rule to develop a regulation to establish beneficial ownership reporting requirements and an advanced notice of a proposed rule on recordkeeping and reporting on real estate transactions.