Sat, Sep 23, 2017
There’s increasing speculation about CFPB Director Cordray’s political ambitions and what impact that may have on expected regulations. Our sources tell us that the Bureau continues to move forward with its work – including payday lending - with a rule expected by the end of the month. Sources indicate that credit union concerns about the complexity of disclosures and other requirements have been taken into consideration. The rule is still expected to be over 1000 pages.
Our sources tell us third-party debt collection regulation will be out by year-end. The CFPB reiterates that it is a prelude to a "first-party" debt collection reg that will directly impact financial institution collection departments. That first-party regulation will be proposed in the first 6 months of 2018.
An overdraft regulation is reportedly planned to be proposed in the first 6 months of 2018 as well.
The CFPB is utilizing UDAAP as its first line of attack with Equifax. According to staff, they don't have authority to pursue Equifax outside of that regulation. The CFPB expects Congress will not repeal the arbitration rule in part due to Equifax.
The Advocacy team will continue to monitor developments with the CFPB’s rulemaking.