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Blog Post
CFPB Publishes Spring 2023 Rulemaking Agenda
Michael Christians • June 25, 2023
The Consumer Financial Protection Bureau (CFPB) has published its Spring 2023 Rulemaking Agenda. The agenda covers regulatory matters the Bureau reasonably anticipates having under consideration from June 1, 2023, to May 31, 2024.
The matters specific to financial institutions include:
- Overdraft and NSF Fees
- The CFPB is considering whether to make changes to the special rules under Regulation Z regarding whether overdraft fees are considered a finance charge. Currently, overdraft fees are only considered a finance charge if the financial institution has agreed to the payment of overdrafts in writing. In addition, the agency is considering new rules regarding NSF fees.
- Fair Credit Reporting Act
- The agenda states that the CFPB is considering whether to amend Regulation V; however, provides no further explanation of what specific items may be under consideration.
- Automated Valuation Models
- The Bureau, in consultation with the other joint agencies, will continue its work on quality control standards for automated valuation models (AVMs). The joint agencies issued a proposed rule on this topic in June. We blogged about that proposed rule here.
- PACE Financing
- In May, the CFPB issued a proposed rule making it clear that PACE loans are subject to Regulation Z and its ability to repay requirements. PACE financing is a non-traditional funding mechanism in which a borrower obtains financing for energy efficient improvements but repays that financing through voluntary property tax assessments. The agenda provides that the agency will continue its work on moving this proposed rule to the final rule stage.
- Personal Financial Data Rights
- Section 1033 of the Dodd-Frank Act requires the CFPB to promulgate rules that would require financial institutions to make available to consumers, upon request, data concerning the financial products and/or services that the consumer receives from the financial institution. The agenda provides that a proposed rule on this topic is imminent.
- Credit Card Penalty Fees
- In February, the CFPB issued a proposed rule to cap credit card late fees at $8. The agenda states that the Bureau is continuing its work on finalizing this rule.
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Michael Christians Consulting, LLC
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