May 15, 2018

New CFPB Management Unveils a Reduced Regulatory Agenda

5 min

New management at the CFPB plans fewer rulemakings, according to its spring 2018 regulatory agenda, the first submitted by Acting Director Mick Mulvaney.

Why It Matters: Citing interim leadership pending the appointment and confirmation of a permanent director, CFPB leadership is prioritizing, during the coming months: meeting specific statutory responsibilities, continuing selected rulemakings that were already under way, and reconsidering two regulations issued under the prior leadership.

The active agenda includes news on movement in rulemakings for mortgage, debt collection, small dollar lending, and other areas. But some rulemakings have been delayed. The delay includes future "larger participant" rulemakings for potentially subjecting personal loans, including consumer installment loans, and vehicle title loans for purposes of supervision. The CFPB also had been in the early stages of considering whether rules to require registration of those or other non-depository lenders would facilitate supervision.

What's on the Active Agenda:

Rulemakings That Are Delayed:

Backdrop: Mulvaney's CFPB is in the process of overhauling virtually all aspects of the CFPB, which has significant rulemaking authority. As part of the overhaul, the CFPB recently launched "a call for evidence" to gain feedback on the function of the CFPB. As part of that initiative, the CFPB is seeking public feedback through a number of Requests for Information with respect to the regulations that the CFPB inherited from other agencies, as well as regulations that the Bureau itself promulgated and issued. Future agendas will take into account the feedback received through the call for evidence and the assessment projects, to identify areas in which issuing, modifying, or eliminating rules may be appropriate to achieving strategic goals and objectives. See Venable's CFPB Rulemaking Tracker.

This article is not intended to provide legal advice or opinion and should not be relied on as such. Legal advice can be provided only in response to a specific fact situation.