Mon, Dec 16, 2013
Washington, District Of Columbia
The Consumer Financial Protection Bureau unveiled its rulemaking agenda for the next six months and highlighted its intent to go forward on a proposed rule on prepaid card products, and more thorough examinations of debt collection practices, payday loans and deposit advance products, and overdraft programs.
These near-term regulatory priorities are outlined in the CFPB's Fall 2013 rulemaking agenda released this week.
The CFPB said it has been gathering significant information on these topics, and will "intensify work on these projects in 2014, for instance by testing consumer disclosures in connection with prepaid products and debt collection."
Streamlining and modernizing regulations that the CFPB inherited from other agencies will also be a focus in the coming months, the CFPB said. "Specifically, we expect to issue a proposal regarding the notices that consumers receive each year from their financial institutions to explain the companies' information sharing practices," the CFPB added. Several commenters suggested the CFPB work to reduce unwanted paperwork for consumers and unnecessary regulatory burdens, "at least where a financial institution limits the sharing of information with third-parties and has not changed policies."
Other Resources: CFPB Release