WASHINGTON–An analysis of the CFPB’s Spring Rulemaking Agenda suggests “sweeping changes” could affect numerous financial offerings.
In the newest CU Compliance Connection, Brandy Bruyere and In-Sung Yoo of Honigman, LLP said the Bureau’s Spring Rulemaking Agenda reflects a “heavy emphasis on removing provisions the Bureau previously issued under discretionary authorities rather than those explicitly mandated by statute,” and that the overall agenda theme is “unsurprising.”
Get Ready to Write Letters
“However, the substance of potentially sweeping changes may be adopted in a number CFPB regulations would impact a wide range of products with long-term implications for the future of financial offerings across banking, credit union, fintech, and related partners in the industry,” the analysis states. “Interested parties will be asked to provide a flurry of comment letters on rather ambitious or perhaps overly optimistic timelines.”
A summary of key anticipated rulemaking activity that is “operationally significant to financial institutions” can be found here.
