1652 Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Unified Agenda 

1The listing does not include certain routine or 

administrative matters. Further, certain of the 

information fields for the listing are not applicable 

to independent regulatory agencies, including the 

CFPB, and, accordingly, the CFPB has indicated 

responses of ‘‘no’’ for such fields. 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Ch. X 

Semiannual Regulatory Agenda 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Semiannual regulatory agenda. 

SUMMARY: The Bureau of Consumer 

Financial Protection (CFPB) is 

publishing this agenda as part of the 

Fall 2013 Unified Agenda of Federal 

Regulatory and Deregulatory Actions. 

The CFPB reasonably anticipates having 

the regulatory matters identified below 

under consideration during the period 

from October 1, 2012 to October 1, 2013. 

The next agenda will be published in 

spring 2013 and will update this agenda 

through October 1, 2013. Publication of 

this agenda is in accordance with the 

Regulatory Flexibility Act (5 U.S.C. 601 

et seq.). 

DATES: This information is current as of 

November 30, 2012. 

ADDRESSES: Bureau of Consumer 

Financial Protection, 1700 G Street NW., 

Washington, DC 20552. 

FOR FURTHER INFORMATION CONTACT: A 

staff contact is included for each 

regulatory item listed herein. 

SUPPLEMENTARY INFORMATION: The CFPB 

is publishing its fall 2012 agenda as part 

of the Fall 2012 Unified Agenda of 

Federal Regulatory and Deregulatory 

Actions, which is coordinated by the 

Office of Management and Budget under 

Executive Order 12866. The CFPB’s 

participation in the Unified Agenda is 

voluntary. The complete Unified 

Agenda will be available to the public 

at the following Web site: http:// 

www.reginfo.gov. 

Pursuant to the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Pub. L. 111–203, 124 Stat. 1376) 

(Dodd-Frank Act), the CFPB has 

rulemaking, supervisory, enforcement, 

and other authorities relating to 

consumer financial products and 

services. These authorities include the 

ability to issue regulations under more 

than a dozen Federal consumer 

financial laws, which transferred to the 

CFPB from seven Federal agencies on 

July 21, 2011. The CFPB is working on 

a wide range of initiatives to address 

issues in markets for consumer financial 

products and services that are not 

reflected in this notice because the 

Unified Agenda is limited to rulemaking 

activities. 

The CFPB reasonably anticipates 

having the regulatory matters identified 

below under consideration during the 

period from October 1, 2012, to October 

1, 2013.1 These primarily include 

various rulemakings mandated by the 

Dodd-Frank Act, such as several 

mortgage-related rulemakings and 

rulemakings to implement the CFPB’s 

supervisory program for nondepository 

covered persons by, among other things, 

defining ‘‘larger participants’’ in certain 

consumer financial product and service 

markets. 

As the CFPB completes several 

mortgage-related rulemakings in January 

2013, it is continuing to assess the need 

and resources available for additional 

rulemakings. For instance, the DoddFrank Act mandates rulemakings to 

implement amendments to the Home 

Mortgage Disclosure Act, and to the 

Equal Credit Opportunity Act to create 

a data reporting regime concerning 

small, women-owned, or minorityowned business lending. The CFPB has 

also inherited proposed rules 

concerning mortgage loans, home equity 

lines of credit, and other topics from 

other agencies as part of the transfer of 

authorities under the Dodd-Frank Act. 

As discussed in more detail in the 

CFPB’s Fall 2012 Statement of 

Regulatory Priorities, the CFPB in the 

last year has also issued reports, 

Requests for Information, and an 

Advance Notice of Proposed 

Rulemaking on a variety of topics that 

may be suitable for rulemaking. For 

instance, the Bureau has sought 

extensive comment on ways to reduce 

regulatory burden through the 

streamlining of regulations that the 

Bureau inherited from other agencies 

under the Dodd-Frank Act. It has also 

conducted research and outreach on a 

variety of consumer financial products 

and services, including payday lending 

and deposit advance loans, bank 

overdraft programs, private student 

loans, prepaid cards, and reverse 

mortgages. The Bureau expects to 

update its agenda in spring 2013 to 

reflect the results of this prioritization 

and planning process. 

Dated: November 30, 2012. 

Meredith Fuchs, 

General Counsel, Bureau of Consumer 

Financial Protection. 

CONSUMER FINANCIAL PROTECTION BUREAU—FINAL RULE STAGE

Sequence No. Title Regulation 

Identifier No. 

424 .................... Loan Originator Compensation (Regulation Z) ................................................................................................ 3170–AA13 

425 .................... Mortgage Servicing (Regulation X; Regulation Z) ........................................................................................... 3170–AA14 

426 .................... Requirements for Escrow Accounts (Regulation Z) ........................................................................................ 3170–AA16 

427 .................... TILA Ability to Repay (Regulation Z) ............................................................................................................... 3170–AA17 

428 .................... TILA/RESPA Mortgage Disclosure Integration (Regulation X; Regulation Z) ................................................. 3170–AA19 

429 .................... The Expedited Funds Availability Act (Regulation CC) ................................................................................... 3170–AA31 

CONSUMER FINANCIAL PROTECTION BUREAU—LONG-TERM ACTIONS

Sequence No. Title Regulation 

Identifier No. 

430 .................... Business Lending Data (Regulation B) ............................................................................................................ 3170–AA09 

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Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Unified Agenda 1653 

CONSUMER FINANCIAL PROTECTION 

BUREAU (CFPB) 

Final Rule Stage 

424. Loan Originator Compensation 

(Regulation Z) 

Legal Authority: 12 U.S.C. 5512; 12 

U.S.C. 5581; 15 U.S.C. 1601 et seq. 

Abstract: The CFPB published for 

public comment in August 2012 a 

proposed rule amending Regulation Z 

(Truth in Lending) to implement 

amendments to the Truth in Lending 

Act (TILA) made by the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act). The 

proposal would implement statutory 

changes made by the Dodd-Frank Act to 

Regulation Z’s current loan originator 

compensation provisions, including a 

new additional restriction on the 

imposition of any upfront discount 

points, origination points, or fees on 

consumers under certain circumstances. 

In addition, the proposal implements 

additional requirements imposed by the 

Dodd-Frank Act concerning proper 

qualification and registration or 

licensing for loan originators. The 

proposal also implements Dodd-Frank 

Act restrictions on mandatory 

arbitration and the financing of certain 

credit insurance premiums. Finally, the 

proposal provides additional guidance 

and clarification under the existing 

regulation’s provisions restricting loan 

originator compensation practices, 

including guidance on the application 

of those provisions to certain profitsharing plans and the appropriate 

analysis of payments to loan originators 

based on factors that are not terms but 

that may act as proxies for a 

transaction’s terms. The comment 

period for the proposed rule ended on 

October 16, 2012, except that the 

comment period for that portion of the 

proposal relating to proposed 

information collections under the 

Paperwork Reduction Act closed on 

November 6, 2012. The CFPB is working 

to issue a final rule. The CFPB will issue 

at a later time proposed regulations on 

anti-steering provisions that TILA 

section 129B(c)(3) requires the CFPB to 

adopt. 

Timetable: 

Action Date FR Cite 

NPRM .................. 09/07/12 77 FR 55272 

NPRM Comment 

Period End.

10/16/12 

Final Rule ............ 01/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Charles Honig, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA13 

425. Mortgage Servicing (Regulation X; 

Regulation Z) 

Legal Authority: 12 U.S.C. 2601 et 

seq.; 12 U.S.C. 5512; 12 U.S.C. 5581; 12 

U.S.C. 5582; 15 U.S.C. 1602; 15 U.S.C. 

1638; 15 U.S.C. 1638a; 15 U.S.C. 1639f; 

15 U.S.C. 1639g 

Abstract: The CFPB has proposed to 

amend Regulation Z, which implements 

the Truth in Lending Act (TILA), and 

the official interpretation of the 

regulation. The proposed amendments 

would implement the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (the Dodd-Frank Act) provisions 

regarding mortgage loan servicing. 

Specifically, the CFPB’s Regulation Z 

proposal implements Dodd Frank Act 

sections addressing initial rate 

adjustment notices for adjustable-rate 

mortgages (ARMs), periodic statements 

for residential mortgage loans, and 

prompt crediting of mortgage payments 

and response to requests for payoff 

amounts. The proposed revisions would 

also amend current rules governing the 

scope, timing, content, and format of 

current disclosures to consumers 

occasioned by interest rate adjustments 

of their variable-rate transactions. 

The CFPB also has proposed to amend 

Regulation X, which implements the 

Real Estate Settlement Procedures Act of 

1974 (RESPA) and add a supplement 

setting forth an official interpretation of 

the regulation. The proposed 

amendments implement the Dodd-Frank 

Act provisions regarding mortgage loan 

servicing. Specifically, the proposal 

requests comment regarding proposed 

additions to Regulation X to address six 

servicer obligations: (1) To correct errors 

asserted, and provide information 

requested, by mortgage loan borrowers; 

(2) to alert consumers to possible 

servicer imposition of force-placed 

insurance and ensure that a reasonable 

basis exists to charge for it; (3) to 

establish reasonable information 

management policies and procedures; 

(4) to provide information about 

mortgage loss mitigation options and 

foreclosure to delinquent borrowers; (5) 

to provide delinquent borrowers access 

to servicer personnel with continuity of 

contact about the borrower’s mortgage 

loan account; and (6) to evaluate 

borrowers’ complete applications for 

available loss mitigation options. The 

Regulation X proposal would also 

modify and streamline certain existing 

general and servicing-related provisions 

of Regulation X. For instance, the 

proposal would revise provisions 

relating to a mortgage servicer’s 

obligation to provide disclosures to 

borrowers in connection with a transfer 

of mortgage servicing, and a mortgage 

servicer’s obligation to manage escrow 

accounts, including the obligation to 

advance funds to an escrow account to 

maintain insurance coverage and to 

return amounts in an escrow account to 

a borrower upon payment in full of a 

mortgage loan. The comment period for 

the proposed rules ended on October 9, 

2012, except that the comment period 

for that portion of the proposal relating 

to proposed information collections 

under the Paperwork Reduction Act 

closed on November 16, 2012. The 

CFPB is working to issue final rules. 

The CFPB is also participating in an 

interagency process among Federal 

financial services regulators to consider 

broader issues regarding national 

servicing standards. 

Timetable: 

Action Date FR Cite 

NPRM (Regulation X).09/17/12 77 FR 57200 

NPRM (Regulation Z).09/17/12 77 FR 57318 

NPRM Comment 

Period End.

10/09/12 

Final Rule ............ 01/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Mitchell E. 

Hochberg, Office of Regulations, 

Consumer Financial Protection Bureau, 

Phone: 202 435–7700. 

RIN: 3170–AA14 

426. Requirements for Escrow Accounts 

(Regulation Z) 

Legal Authority: 15 U.S.C. 1639 

Abstract: The Board of Governors of 

the Federal Reserve System (Board) 

published in the Federal Register on 

March 2, 2011, a proposed rule to 

implement certain amendments to the 

Truth in Lending Act (TILA) made by 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank 

Act) that lengthen the time for which a 

mandatory escrow account established 

for a higher-priced mortgage loan must 

be maintained. In addition, the Board’s 

proposal would implement the DoddFrank Act’s disclosure requirements 

regarding escrow accounts. The Board’s 

proposal also would exempt certain 

loans from the statute’s escrow 

requirement, pursuant to authority in 

the Dodd-Frank Act. The primary 

exemption would apply to mortgage 

loans extended by creditors that operate 

predominantly in rural or underserved 

areas and meet certain other 

prerequisites. Pursuant to the DoddFrank Act, the rulemaking authority for 

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1654 Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Unified Agenda 

the TILA generally transferred from the 

Board to the CFPB on July 21, 2011. The 

CFPB is working to issue a final rule. 

The CFPB, in a separate rulemaking (see 

RIN 3170–AA32), issued a final rule 

postponing the implementation of the 

disclosures included in the Board’s 

proposal. 

Timetable: 

Action Date FR Cite 

NPRM .................. 03/02/11 76 FR 11598 

NPRM Comment 

Period End.

05/02/11 

Final Rule ............ 01/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Paul Mondor, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA16 

427. TILA Ability To Repay (Regulation 

Z) 

Legal Authority: 12 U.S.C. 5512; 15 

U.S.C. 1604; 15 U.S.C. 1639c 

Abstract: The Board of Governors of 

the Federal Reserve System (Board) 

published for public comment on May 

11, 2011, a proposed rule amending 

Regulation Z to implement amendments 

to the Truth in Lending Act (TILA) 

made by the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act). Regulation Z 

currently prohibits a creditor from 

making a higher-priced mortgage loan 

without regard to the consumer’s ability 

to repay the loan. The proposal would 

implement statutory changes made by 

the Dodd-Frank Act that expand the 

scope of the ability-to-repay 

requirement to cover any consumer 

credit transaction secured by a dwelling 

(excluding an open-end credit plan, 

timeshare plan, reverse mortgage, or 

temporary loan). In addition, the 

proposal would establish standards for 

complying with the ability-to-repay 

requirement, including by making a 

‘‘qualified mortgage.’’ The proposal also 

implements the Dodd-Frank Act’s limits 

on prepayment penalties. Finally, the 

proposal would require creditors to 

retain evidence of compliance with this 

rule for three years after a loan is 

consummated. Pursuant to the DoddFrank Act, the rulemaking authority for 

the TILA generally transferred from the 

Board to the CFPB on July 21, 2011. On 

June 5, 2012, the CFPB issued a notice 

to reopen the comment period until July 

9, 2012, to seek comment on certain 

new data and information submitted 

during or obtained after the close of the 

original comment period. The CFPB is 

working to issue a final rule. 

Timetable: 

Action Date FR Cite 

NPRM .................. 05/11/11 76 FR 27390 

NPRM Comment 

Period End.

07/22/11 

Supplemental 

NPRM.

06/05/12 77 FR 33120 

Supplemental 

NPRM Comment Period 

End.

07/09/12 

Final Rule ............ 01/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Stephen Shin, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA17 

428. TILA/RESPA Mortgage Disclosure 

Integration (Regulation X; Regulation 

Z) 

Legal Authority: 12 U.S.C. 2617; 12 

U.S.C. 3806; 15 U.S.C. 1604; 15 U.S.C. 

1637(c)(5); 15 U.S.C. 1639(l); 12 U.S.C. 

5532 

Abstract: Sections 1032(f), 1098, and 

1100A of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act) direct the CFPB to 

issue proposed rules and forms that 

combine certain disclosures that 

consumers receive in connection with a 

mortgage loan under the Truth in 

Lending Act and the Real Estate 

Settlement Procedures Act. Consistent 

with this requirement, the CFPB has 

proposed to amend Regulation X (Real 

Estate Settlement Procedures Act) and 

Regulation Z (Truth in Lending) to 

establish new disclosure requirements 

and forms in Regulation Z for most 

closed-end consumer credit transactions 

secured by real property. In addition to 

combining the existing disclosure 

requirements and implementing new 

requirements in the Dodd-Frank Act, the 

CFPB’s proposed rule provides 

extensive guidance regarding 

compliance with those requirements. 

The proposal had two comment periods. 

Comments on the proposed revisions to 

the definition of the finance charge and 

the proposed compliance date for the 

new Dodd-Frank Act disclosures were 

due September 7, 2012. Comments on 

all other aspects of the proposal were 

due November 6, 2012. On September 6, 

2012, the CFPB issued a notice 

extending the comment period to 

November 6, 2012, for the proposed 

revisions to the definition of the finance 

charge. The CFPB is working to issue a 

final rule. The CFPB issued the final 

rule to implement the compliance dates 

for the new Dodd-Frank Act disclosures 

that were proposed in this proposal in 

a separate rulemaking, as noted 

elsewhere in this regulatory agenda (see 

RIN 3170–AA32). 

Timetable: 

Action Date FR Cite 

NPRM .................. 08/23/12 77 FR 51116 

NPRM Comment 

Period Extended.

09/06/12 77 FR 54843 

NPRM Comment 

Period End.

11/06/12 

Final Rule ............ 09/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Richard Horn, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA19 

429. • The Expedited Funds 

Availability Act (Regulation CC) 

Legal Authority: 12 U.S.C. 4001 et seq. 

Abstract: The Expedited Funds 

Availability Act (EFA Act), 

implemented by Regulation CC, governs 

availability of funds after a check 

deposit and check collection and return 

processes. Section 1086 of the DoddFrank Wall Street Reform and Consumer 

Protection Act amended the EFA Act to 

provide the CFPB with joint rulemaking 

authority with the Board of Governors of 

the Federal Reserve System (Board) over 

certain consumer-related EFA Act 

provisions. The Board proposed 

amendments to Regulation CC in March 

2011, to facilitate the banking industry’s 

ongoing transition to fully-electronic 

interbank check collection and return. 

The Board’s proposal includes some 

provisions that are subject to the CFPB’s 

joint rulemaking authority, including 

the period for funds availability and 

revising model form disclosures. The 

CFPB will work with the Board to 

jointly issue a final rule that includes 

provisions within the CFPB’s authority. 

Timetable: 

Action Date FR Cite 

NPRM .................. 03/23/11 76 FR 16862 

NPRM Comment 

Period End.

06/30/11 

Final Rule ............ 08/00/13 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Stephen Shin, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA31 

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Federal Register / Vol. 78, No. 5 / Tuesday, January 8, 2013 / Unified Agenda 1655 

CONSUMER FINANCIAL PROTECTION 

BUREAU (CFPB) 

Long-Term Actions 

430. Business Lending Data (Regulation 

B) 

Legal Authority: 15 U.S.C. 1691c–2 

Abstract: Section 1071 of the DoddFrank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) 

amends the Equal Credit Opportunity 

Act (ECOA) to require financial 

institutions to report information 

concerning credit applications made by 

women- or minority-owned businesses 

and small businesses. The amendments 

made by the Dodd-Frank Act require 

that certain data be collected and 

maintained under ECOA, including the 

number and date the application was 

received; the type and purpose of loan 

applied for; the amount of credit 

applied for and approved; the type of 

action taken with regard to each 

application and the date of such action; 

the census tract of the principal place of 

business; the gross annual revenue; and 

the race, sex, and ethnicity of the 

principal owners of the business. The 

CFPB expects to begin developing 

proposed regulations concerning the 

data to be collected and appropriate 

procedures, information safeguards, and 

privacy protections for informationgathering under this section. 

Timetable: 

Action Date FR Cite 

CFPB Expects 

Further Action.

To Be Determined 

Regulatory Flexibility Analysis 

Required: Yes. 

Agency Contact: Charles Honig, Office 

of Regulations, Consumer Financial 

Protection Bureau, Phone: 202 435– 

7700. 

RIN: 3170–AA09 

[FR Doc. 2012–31512 Filed 1–7–13; 8:45 am] 

BILLING CODE 4810–AM–P 

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No. 5 January 8, 2013 

Part XXI 

Federal Communications Commission 

Semiannual Regulatory Agenda 

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