CFPB Reg Agenda: Major Issues Awaiting Chopra Review

Consumer Financial Protection Bureau Director Rohit Chopra is still reviewing the regulatory landscape; as a result, the agency may not begin major initiatives during the next six months, the agency said, in its Fall regulatory agenda.

Instead, the agency is likely to focus on projects it already has begun, such as requiring financial institutions to report statistics on their lending to women and minority-owned businesses.

Federal executive agencies and many independent agencies released their agendas late last week as part of the Unified Agenda of Regulatory and Deregulatory Actions.

“The Bureau expects that its new Director will assess what regulatory actions the Bureau should prioritize to best further its consumer protection mission and that the Spring 2022 Agenda will reflect his priorities,” agency officials said.

Bureau officials noted that they have been working on the small business reporting rule for several years. They did not mention that consumer groups had filed suit against the agency to force it to issue the rule, which is required under the Dodd-Frank Act.

“If finalized, the rule would also advance the goals of promoting racial and economic equity and supporting underserved, vulnerable, and marginalized communities, in that it would provide comprehensive small business lending data to help protect small business owners, including from unlawful discrimination, in their access to and use of fair and affordable credit,” the CFPB said.

The deadline for submitting comments on the proposed rule is Jan. 6.

In its regulatory agenda, the CFPB said it also is working on a rule governing how consumer data may be accessed and stored. The agency has issued a notice of proposed rulemaking—an initial step before a proposed rule actually is issued.

Related:

Senate Confirms Rohit Chopra as CFPB Director

CFPB: Crackdown on Overdraft Policies is Coming

Chopra: CFPB Will Focus on Largest Financial Firms

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