Continuing focus on fees
KPMG Insights. The CPFB’s Fall 2022 Regulatory Agenda (which sets anticipated rulemaking timelines through Fall 2023) sets a sooner-than-anticipated target (now January 2023) for its final rule on small business lending data (i.e., Section 1071). When finalized, the rule will place this data under supervisory review and will require significant data collection, data quality, and regulatory reporting controls and testing as well as associated analytics on small business lending activity (similar to mortgage lending reporting under HMDA). The agenda also shows the Bureau’s continuing focus on fees with anticipated future rulemaking activity related to overdrafts, insufficient funds, and credit card penalties.
The Consumer Financial Protection Bureau (CFPB) released its most recent Regulatory Agenda (the Fall 2022 Regulatory Agenda) detailing planned final and proposed rulemakings as well as other relevant regulatory activity targeted for release during 2023. These releases include:
Stage of Rulemaking
Related KPMG Regulatory Alert
Small business lending data (Section 1071)
Credit card penalty fees
Property Assessed Clean Energy (PACE) financing
Automated valuation models
Fair Credit Reporting Act
Insufficient funds fees
Personal Financial Data Rights (Section 1033)
A proposed rule that would require nonbanks subject to certain enforcement actions to register with the CFPB is also included in the Regulatory Agenda but was previously released in December 2022.
The CFPB Fall 2022 Regulatory Agenda is available here.