Regulatory agenda updates

The White House’s Office of Information and Regulatory Affairs has released its Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, or URA. This semi-annual report details each federal agency’s upcoming plans to issue or rescind regulations.

The Consumer Financial Protection Bureau’s agenda includes four proposed rule actions, addressing the Fair Credit Reporting Act, or FCRA, mortgage servicing, the Financial Data Transparency Act and consumer financial product contracts under Regulation AA. The bureau released last month the initial part of its FCRA rulemaking and a final rule regarding the attributes a standard-setting body must demonstrate in order to be recognized by the CFPB for purposes of the personal data rights rule; the Bureau plans to finalize the remainder of the proposed rule regarding personal data rights rule in October. The proposed rules for mortgage servicing were issued last week and the Regulation AA proposal is expected in September.

According to the URA, the CFPB projects it will release a final rules on nonsufficient fund fees in October and on overdraft fees in January 2025.

On the BSA/AML front, FinCEN expects an August 2024 unveiling of its final AML/CFT rules applicable to investment advisers and certain real estate professionals. FinCEN reported an October target for its revisions to the Customer Due Diligence rule, and is aiming for a May 2025 reveal of proposed rules on 314(b) information sharing protections.