CFPB Publishes Semiannual Regulatory Agenda

On January 31st, the Consumer Financial Protection Bureau (CFPB) published its semiannual regulatory agenda. Per the agenda, the CFPB anticipates having the following regulatory matters under consideration during the time period from November 1, 2021 to October 31, 2022:

• Finalizing its proposed rule to implement Section 1071 of the Dodd-Frank Act. The rule would require certain financial institutions to collect and report information in connection with applications for credit submitted by women-owned, minority-owned and small businesses
• Development of a proposed rule that would require covered financial institutions to make transaction data and other information concerning consumer financial products and services available to consumers upon request. Making this information available to consumers in a standardized format is increasingly important at a time when many lenders are using alternative data to make credit decisions
• Continued rulemaking in the area of Property Assessed Clean Energy (PACE) financing. PACE financing is a funding mechanism available to homeowners to make energy efficient home improvements, repayable through property tax assessments vs. traditional financing
• Participation in interagency rulemaking that will implement quality control standards for automated valuation models (AVMs)
• Conducting an assessment of changes made to the Home Mortgage Disclosure Act (HMDA) and Regulation C in January 2018