CFPB Releases Fall 2015 Rulemaking Agenda
On November 20, 2015, the Consumer Financial Protection Bureau (CFPB) released its Fall 2015 rulemaking agenda. The agenda highlights the CFPB's focus and direction in the coming year, and reflects many of the themes in its Fall 2015 Supervisory Highlights. It also generally notes delays in the Bureau's rulemaking initiatives from the estimates in the Spring 2015 agenda. The agenda also highlights two new "long-term rulemaking efforts" in credit reporting and student loan servicing.
CFPB Complaint Snapshot Highlights Bank Accounts
The Consumer Financial Protection Bureau (CFPB) collects and publishes consumer complaints and narratives on its Consumer Complaint Database. The CFPB's monthly snapshot highlights complaints regarding specific products. For November 2015, the CFPB's report focuses on bank accounts.
CFPB Announces 2016 Exemption Thresholds for Higher Priced Mortgages, Truth in Lending, and Consumer Leasing
On November 25, 2015, the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will not change in 2016. The threshold remains $25,500.
CFPB Bulletin on Preauthorized Electronic Fund Transfers
The Consumer Financial Protection Bureau (CFPB) issued a Bulletin clarifying its expectations for entities under the Electronic Fund Transfer Act (EFTA) and Regulation E when they are obtaining consumer authorizations for preauthorized electronic fund transfers (EFTs) from a consumer's account, including electronic authorization under the Electronic Signatures in Global and National Commerce Act (E-Sign Act). Preauthorized EFT refers to an "electronic fund transfer authorized in advance to recur at substantially regular intervals."