cfpb petitions for rulemakingcfpb petitions for rulemaking

On October 8, we published a proposed rule in the Federal Register which, if finalized as proposed, would require financial institutions to report information about small business credit applications, including information related to the credit applied for, demographic and other information about the small business credit applicant, and key elements of the price of the credit offered. CFPB Creates New Process for the Public to Petition for Rulemaking and Explore guides to help you plan for big financial goals, recommendations issued by the Administrative Conference of the United States, submit petitions for rulemaking directly to the CFPB. or have questions about the content, The CFPB is now accepting petitions for agency action submitted directly by members of the American public, according to a press release and a new portal that was opened on February 16, 2022. The Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for a rulemaking to implement section 1033 of the Dodd-Frank Act, which provides consumers rights to access their own financial data. The reforms announced today will make it easier for individuals to directly submit a petition for rulemaking to the CFPB. Proposals under consideration would fuel market competition and strengthen consumer data rights. - CFPB rulemakings that have been completed in approximately the last six months. The Mortgage Bankers Association petitioned the CFPB to issue a rule amending the early intervention and loss mitigation requirements of Real Estate Settlement Procedures Act (Regulation X). Rulemaking petitions, however, allow consumers to address the agency from a different angle. 56 See 12.2 NPRM, 36 FCC Rcd at 616, para.23. The CFPB responds to petitions from interested persons for the issuance, amendment, or repeal of a CFPB rule, as required by the Administrative Procedure Act. Whether it takes the form of excluding neighborhoods with certain demographics from mainstream credit or targeting them with predatory products, the CFPB is combatting these unlawful practices to achieve meaningfully restorative outcomes for the affected consumers and communities. Join the conversation. We support innovation and believe that appropriate implementation of section 1033 can lead to competitive, consumer-friendly markets, while recognizing the importance of ensuring the safety and security of consumer account data. In keeping with our Rules Relating to Investigations , we may redact or withhold from public disclosure any petition or information contained within a petition for . Feedback should be emailed to Financial_Data_Rights_SBREFA@cfpb.gov no later than January 25, 2023. Petition, Laying the foundation for open banking in the United States, Algorithms, artificial intelligence, and fairness in home appraisals, Opening Statement of Director Rohit Chopra before the House Committee on Financial Services, Opening Statement of Director Rohit Chopra before the Senate Committee on Banking, Housing, and Urban Affairs, Your contact information (full name, address, telephone number, email address), The type of action you are requesting (e.g., whether the CFPB should issue a new rule or repeal or amend an existing rule), The factual and legal reasons for the proposed action, The expected effects the proposed action will have on relevant parties (e.g., consumers, industry, enforcement authorities), Duplicate identical submissions (submitted by the same submitter(s) through different means), Copyrighted material owned by someone other than the submitter, Submissions that are disavowed by the named author or submitter. We are reviewing and considering comments received in response to the ANPRM, as well as monitoring the market as we assess potential next steps, including whether a Small Business Review Panel is required pursuant to the Regulatory Flexibility Act. It would be prudent for the industry to pay attention to how the CFPB implements this policy. Explore guides to help you plan for big financial goals. Petitions will not be edited to remove any identifying or contact information. Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. Members of the public can request that the agency pursue a new rule, amend an existing one, or repeal a rule. The petitions will be on a public docket and open for comment. All petitions, including attachments and other supporting materials, will be posted publicly for review and comment. 59 AT&T Reply at 11. 130/Monday, July 10, 2023/Rules and Regulations 43467 53 MVDDS 5G Coalition Petition Public Notice Reply at 8-9. 54 See 12.2 NPRM, 36 FCC Rcd at 616-617, para. CFPB Kicks Off Personal Financial Data Rights Rulemaking The CFPB today announced a new process through which consumers may petition the bureau directly for rulemaking actions. 24. Families and entire communities are harmed by biased, inaccurate appraisals, as well as geographic discrimination, or redlining. The Consumer Financial Services Group is nationally recognized for its guidance in structuring and documenting new consumer financial services products, its experience with the full range of federal and state consumer credit laws throughout the country, and its skill in litigation defense and avoidance, including pioneering work in pre-dispute arbitration programs. Washington, DC 20036 - Receivables Management Association International, A (Crypto) Tale of Two (Capitol) Cities: Beijing and Washington Grapple with a Growing Industry in Their Own Unique Fashions, "2023 Compliance University" Presented by Online Lenders Alliance, Legal and Regulatory Issues in the Payments Industry, - Receivables Management Association International, Venable Scores Patent Victory For Novartis. Washington, DC Podcast: Perspectives from two bank risk and compliance leaders, Podcast: The anatomy of a community bank ransomware attack, Podcast: Analyzing first-quarter earnings and 2023 annual meetings. CUNA states concerns with CFPB 'abusive practices' rulemaking And we will continue to take a whole-of-government approach to protect consumers from harmful uses of automated systems marketed as artificial intelligence. ABA Data Bank: Total non-farm payrolls increase 209,000 in June, FHFA issues proposed rule on suspended counterparty program, Small business capital access in a higher rate environment, Basel committee previews changes to core principles for banking supervision, Terrorism and money laundering aggregates published: April through June 2023. Consumer Financial Protection Bureau Launches New Way for the Public to The other innovation of this double-edged reform lies in the transparency it creates. We are also continuing our work to implement section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, which mandates that we issue regulations relating to Property Assessed Clean Energy (PACE) financing. You can access the CFPBs press release and the CFPBs new rulemaking petition website here. The only petition that has been granted was filed by the Bank Policy Institute and the American Bankers Association seeking rulemaking by the CFPB to codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued in September 2018. 1333 New Hampshire Ave NW Join the conversation. Consumers and small businesses are not well-resourced to fight back againstand may not even know they are subject toalgorithmic bias, digital surveillance and data harvesting, dark patterns, and advanced technologies that are black boxes. 553(e)). CFPB v. Timemark Solutions, Inc., et al. | Consumer Financial please contact the press office. As described in the outline, the CFPB is considering proposals, for instance, that would empower consumers who want to switch providers to transfer their account history to a new company, so they do not have to start over if they are unsatisfied with the service provided by an incumbent firm. Dominant firms shouldnt be able to hoard our personal data and appropriate the value to themselves, said CFPB Director Rohit Chopra. Read Director Chopras remarks on the personal financial data rights rulemaking. The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families. Petitions to Modify or Set Aside Todays announcement is part of a series of steps the CFPB is taking to ensure high standards of transparency and ethics, particularly when it comes to addressing the corrosive effects of the revolving door. The CFPB recently announced new staff guidance to report former government employees that may be misusing information they obtained while working in the government. In the CFPB's history, three rulemaking petitions have been filed. Explore the CFPBs regulatory agenda, rules currently in development, and final rules. After considering the statutory review factors and public comments, we determined that the CARD Act rules should continue without change. CFPB Seeks Your View on Algorithmic Bias in Home Valuations, CFPB Request for Information on Junk Fees Mortgage Origination, Title Insurance, and Mortgage Servicing Fees are in the Crosshairs, CFPB Creates New Process for the Public to Petition for Rulemaking and Requires Use by Industry Lobbyists and Representatives. This initiative represents the latest step by the CFPB in pursuit of its agenda to increase consumer input into its decisions and the transparency of its decision-making. We respond to petitions from interested persons for the issuance, amendment, or repeal of a CFPB rule, as required by the Administrative Procedure Act. CFPB, FDIC, NCUA, OCC, and FRB Issue Proposed Guidance on Weve created sandbox programs to encourage financial companies to experiment with better products and services for consumers. We also continue to prioritize work that promotes racial and economic equity and supports underserved and marginalized communities by, among other things, facilitating access to fair and affordable credit. We issued the proposed rule in June 2020. Monterey, CA Former government employees and other individuals who are paid to influence the agencys rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead. FEB 16, 2022 Share & print WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. Schaumburg, IL In support of this change, the Bureau cited to the U.S. Constitution's guarantee of the public's right to petition the government. Digital technology is transforming the markets, including how payment, deposit, and lending services are provided and who provides them. CFPB Gives Public the Ability to Petition for Rulemaking - insideARM.com PDF 43462 Federal Register /Vol. 88, No. 130/Monday, July 10 The CFPB has published its Spring 2022 rulemaking agenda as part of the Spring 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The CFPB sued and reached a settlement with Timemark Solutions, Inc. On July 7, 2020, the CFPB settled with Timemark, Inc., a company that provides debt-relief services to consumers with federal student-loan debt. For more information, visit consumerfinance.gov. The National Consumer Law Center (NCLC) petitioned the CFPB. Explore guides to help you plan for big financial goals, By Under the options the CFPB is considering,consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. CUNA joined with other five other national trade organizations to express concern with the Consumer Financial Protection Bureau's statement on abusive acts or policies - including the deviation from statutory requirements and failure to provide clear guidance . CFPB Proposals for Section 1033, Personal Financial Data Rights - KPMG We are also working on a rule required by section 1033 of the Dodd-Frank Act to address the availability of consumer financial account data in electronic form, which has helped consumers understand their finances and make better-informed financial decisions. Key among these are the following: Section 1071 of the Dodd-Frank Act requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. It was founded in the wake of the 2008 financial crisis, when products initially billed as new and innovative resulted in harm to consumers and communities, and it will heed the lessons from that crisis.