[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)]
[Proposed Rules]
[Pages 1968-1972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28241]



[[Page 1967]]

Vol. 83

Friday,

No. 9

January 12, 2018

Part XXI





 Bureau of Consumer Financial Protection





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 Semiannual Regulatory Agenda

Federal Register / Vol. 83 , No. 9 / Friday, January 12, 2018 / 
Unified Agenda

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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR CH. X


Semiannual Regulatory Agenda

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Semiannual regulatory agenda.

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SUMMARY: The Bureau of Consumer Financial Protection (CFPB or Bureau) 
is publishing this agenda as part of the Fall 2017 Unified Agenda of 
Federal Regulatory and Deregulatory Actions. The CFPB reasonably 
anticipates having the regulatory matters identified below under 
consideration during the period from November 1, 2017 to October 31, 
2018. The next agenda will be published in spring 2018 and will update 
this agenda through fall 2018. 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 September 28, 2017.

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 2017 Agenda 
as part of the Fall 2017 Unified Agenda of Federal Regulatory and 
Deregulatory Actions, which is coordinated by the Office of Management 
and Budget under Executive Order 12866. The agenda lists the regulatory 
matters that the CFPB reasonably anticipates having under consideration 
during the period from November 1, 2017, to October 31, 2018, as 
described further below.\1\ The CFPB's participation in the Unified 
Agenda is voluntary. The complete Unified Agenda is available to the 
public at the following website: http://www.reginfo.gov.
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    \1\ The listing does not include certain routine, frequent, 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.
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    Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 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 Bureau's general 
purpose, as specified in section 1021 of the Dodd-Frank Act, is to 
implement and enforce Federal consumer financial law consistently for 
the purpose of ensuring that all consumers have access to markets for 
consumer financial products and services and that markets for consumer 
financial products and services are fair, transparent, and competitive.
    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. Section 1021 of the Dodd-Frank Act specifies the 
objectives of the Bureau, including providing consumers with timely and 
understandable information to make responsible decisions about 
financial transactions; protecting consumers from unfair, deceptive, or 
abusive acts and practices and from discrimination; addressing 
outdated, unnecessary, or unduly burdensome regulations; enforcing 
Federal consumer financial law consistently in order to promote fair 
competition, without regard to the status of a covered person as a 
depository institution; and promoting the transparent and efficient 
operation of markets for consumer financial products and services to 
facilitate access and innovation. The CFPB's regulatory work in pursuit 
of those objectives can be grouped into three main categories: (1) 
Implementing statutory directives; (2) other efforts to address market 
failures, facilitate fair competition among financial services 
providers, and improve consumer understanding; and (3) modernizing, 
clarifying, and streamlining consumer financial regulations to reduce 
unwarranted regulatory burdens.

Implementing Statutory Directives

    Much of the Bureau's rulemaking work is focusing on implementing 
directives mandated in the Dodd-Frank Act and other statutes. As part 
of these rulemakings, the Bureau is working to achieve the consumer 
protection objectives of the statutes while minimizing regulatory 
burden on financial services providers and facilitating a smooth 
implementation process for both industry and consumers.
    For example, the Bureau is continuing efforts to facilitate 
implementation of critical consumer protections under the Dodd-Frank 
Act that guard against mortgage market practices that contributed to 
the nation's most significant financial crisis in several decades. 
Since 2013, the Bureau has issued regulations as directed by the Dodd-
Frank Act to implement certain protections for mortgage originations 
and servicing, integrate various Federal mortgage disclosures, and 
amend mortgage reporting requirements under the Home Mortgage 
Disclosure Act (HMDA). The Bureau is conducting follow-up rulemakings 
as warranted to address issues that have arisen during the 
implementation process for these rules and to provide greater 
clarification and certainty to financial services providers. The Bureau 
has three such efforts underway at this time:
    <bullet> In August, the Bureau finalized amendments to Regulation C 
to facilitate implementation of a rule it issued in 2015 to effectuate 
Dodd-Frank Act amendments to HMDA. The amendments included a number of 
clarifications, technical corrections, and minor changes to the HMDA 
regulation, which largely takes effect in 2018, as well as temporarily 
changing the reporting threshold for open-end lines of credit. The 
Bureau issued a final rule in September amending Regulation B, which 
implements the Equal Credit Opportunity Act (ECOA), that also concerns 
data collection. The Bureau is also continuing to work closely with 
industry and other regulators to streamline and modernize HMDA data 
collection and reporting in conjunction with implementation of the 
Dodd-Frank amendments. For example, the Bureau in September sought 
comment on draft guidance for what HMDA information will be released to 
the general public in light of privacy concerns as specified in the 
Dodd-Frank Act.
    <bullet> The Bureau is expecting to issue a proposed rule and an 
interim final rule in early October to address narrow issues concerning 
the timing of certain mortgage servicing disclosure requirements. The 
proposed rule and interim final rule relate to concerns raised by 
industry participants in connection with the mortgage servicing rule 
that the Bureau issued in August 2016, under Regulation X, which 
implements the Real Estate Settlement Procedures Act (RESPA) and 
Regulation Z, which implements the Truth in Lending Act (TILA).
    <bullet> The Bureau is seeking comment on a follow up rulemaking 
concerning certain consolidated mortgage disclosures that consumers 
receive in connection with applying for and closing on a mortgage loan 
under the TILA and RESPA. The proposed amendments relate to when a 
creditor may compare charges paid by or imposed on the consumer to 
amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, 
to determine

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if an estimated closing cost was disclosed in good faith. The 
consolidated disclosures rule is the cornerstone of the Bureau's 
broader ``Know Before You Owe'' mortgage initiative.
    The Bureau is also working to implement section 1071 of the Dodd-
Frank Act, which amends ECOA to require financial institutions to 
report information concerning credit applications made by women-owned, 
minority-owned, and small businesses. This rulemaking could provide 
critical information about how these businesses--which are critical 
engines for economic growth--access credit. The Bureau held a public 
hearing on this subject in spring 2017, and released a white paper 
summarizing preliminary research on the small business lending market. 
In May 2017, the Bureau also issued a Request for Information seeking 
public comment on, among other things, the types of credit products 
offered and the types of data currently collected by lenders in this 
market and the potential complexity, cost of, and privacy issues 
related to, small business data collection. The comment period closed 
on September 14, 2017. The information received will help the Bureau 
determine how to implement the rule efficiently while minimizing 
burdens on lenders.

Other Efforts To Address Market Failures, Facilitate Fair Competition 
Among Financial Services Providers, and Improve Consumer Understanding

    The Bureau is considering rules in places where there are 
substantial market failures that make it difficult for consumers to 
engage in informed decision making and otherwise protect their own 
interests. In addition, the Dodd-Frank Act directs the Bureau to focus 
on activities that promote fair competition among financial services 
providers, which itself has substantial benefits for consumers.
    For example, the Bureau released a Notice of Proposed Rulemaking in 
June 2016, building on several years of research documenting consumer 
harms from practices related to payday loans, auto title loans, and 
other similar credit products. In particular, the Bureau is concerned 
that product structure, lack of underwriting, and certain other lender 
practices are interfering with consumer decision making with regard to 
such products and trapping large numbers of consumers in extended 
cycles of debt that they do not expect. The Bureau is also concerned 
that certain lenders' payment collection practices are causing 
substantial harm to consumers, including substantial unexpected fees 
and heightened risk of losing their checking accounts. The Bureau 
received more than one million comments in response to the proposal and 
is carefully considering how best to address concerns raised in the 
proposal in a manner consistent with the Bureau's objectives under the 
Dodd-Frank Act.
    The Bureau is also engaged in rulemaking activities regarding the 
debt collection market, which continues to be a top source of 
complaints to the Bureau. The Bureau is concerned that because 
consumers cannot choose their debt collectors or ``vote with their 
feet,'' they have less ability to protect themselves from harmful 
practices. In January 2017, the Bureau published the results of a 
survey of consumers about their experiences with debt collection. The 
Bureau has also received encouragement from industry to engage in 
rulemaking to resolve conflicts in case law and address issues of 
concern under the Fair Debt Collection Practices Act (FDCPA), such as 
the application of the 40-year-old statute to modern communication 
technologies. The Bureau released an outline of proposals under 
consideration in July 2016 concerning practices by companies that are 
``debt collectors'' under the FDCPA, in advance of convening a panel 
under the Small Business Regulatory Enforcement Fairness Act (SBREFA) 
in conjunction with the Office of Management and Budget and the Small 
Business Administration's Chief Counsel for Advocacy to consult with 
representatives of small businesses that might be affected by the 
rulemaking. The Bureau expects to release a proposed rule concerning 
FDCPA collectors' communications practices and consumer disclosures. 
The Bureau intends to follow up separately at a later time about 
concerns regarding information flows between creditors and FDCPA 
collectors and about potential rules to govern creditors that collect 
their own debts.
    The Bureau is also engaged in policy analysis and further research 
initiatives in preparation for a potential rulemaking regarding 
overdraft programs on checking accounts. After several years of 
research, the Bureau believes that there are consumer protection 
concerns with regard to these programs. Consumers do not shop based on 
overdraft fee amounts and policies, and the market for overdraft 
services does not appear to be competitive. Under the current 
regulatory regime consumers can opt in to permit their financial 
institution to charge fees for ATM and point-of-sale debit overdrafts, 
but the complexity of the system may complicate consumer decision 
making. Despite widespread use of disclosure forms, the regime produces 
substantially different opt-in rates across different depository 
institutions and the Bureau's supervisory and enforcement work 
indicates that some institutions are aggressively steering consumers to 
opt in. The CFPB is engaged in consumer testing of revised opt-in forms 
and considering whether other regulatory changes may be warranted to 
enhance consumer decision making.
    In addition, the Bureau is continuing rulemaking activities that 
will ensure meaningful supervision of non-bank financial services 
providers in order to create a more level playing field for depository 
and non-depository institutions. Under section 1024 of the Dodd-Frank 
Act, the CFPB is authorized to supervise ``larger participants'' of 
markets for various consumer financial products and services as defined 
by Bureau rule. The Bureau has defined the threshold for larger 
participants in several markets in past rulemakings, and is now working 
to develop a proposed rule that would define non-bank ``larger 
participants'' in the market for personal loans, including consumer 
installment loans and vehicle title loans. The Bureau is also 
considering whether rules to require registration of these or other 
non-depository lenders would facilitate supervision, as has been 
suggested to the Bureau by both consumer advocates and industry groups.
    The Bureau's October 2016 rulemaking concerning prepaid financial 
products also advanced fairness and consistency objectives by creating 
a uniform disclosure regime and providing basic protections similar to 
those enjoyed by users of debit cards and credit cards. In April 2017, 
the Bureau extended the general effective date of the rule to April 1, 
2018. In June 2017, the Bureau issued a proposal that would make 
targeted changes to the 2016 prepaid rule to reduce implementation and 
compliance burdens on the industry and ensure consumer understanding of 
and access to these products. The Bureau expects to issue a final rule 
in fall 2017.

Modernizing, Streamlining, and Clarifying Consumer Financial 
Regulations

    The Bureau's third group of activities concerns modernizing, 
streamlining, and clarifying consumer financial regulations and other 
activities to reduce unwarranted regulatory burdens and facilitate 
consumer-friendly innovation and increased access to consumer financial 
markets as directed by the Dodd-Frank Act. Since most of

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the Federal consumer financial laws that the Bureau administers were 
enacted in the 1960s and 1970s, there is often substantial demand for 
these activities from both industry and consumer advocates alike.
    In addition to some of the projects mentioned above that advance 
these objectives, such as the HMDA processes modernization and debt 
collection rulemaking, the Bureau is pursuing a number of other 
research, policy, and rulemaking initiatives. For example, section 
1022(d) of the Dodd-Frank Act specifically directs the Bureau to assess 
the effectiveness of significant rules five years after they are 
implemented, including seeking public comment. In spring and summer 
2017, the Bureau published requests for comment on its plans to assess 
the effectiveness of mortgage servicing rules, rules implementing 
portions of the Dodd-Frank Act requiring mortgage lenders to assess 
consumers' ability to repay, and rules implementing provisions of the 
Dodd-Frank Act regulating remittance transfers sent by consumers 
located in the United States to international recipients. The Bureau 
has received comments on all three section 1022(d) assessment plans. 
The comments also included recommendations for modifying, expanding, or 
eliminating various aspects of the three rules at issue. The Bureau is 
conducting substantial research for each of the section 1022(d) 
assessments, collecting and analyzing quantitative data where feasible. 
It will publish reports of these section 1022(d) assessments by the 
statutory deadlines (October 2018 for remittance transfers, January 
2019 for the mortgage rules described above). The findings in these 
reports will help the Bureau and the public evaluate the 
recommendations the Bureau received and inform the Bureau's decisions 
whether adjustments to rules are warranted.
    The Bureau is also beginning work this fall on the first in a 
series of reviews of existing regulations that it inherited from other 
agencies through the transfer of authorities under the Dodd-Frank Act. 
The Bureau had previously sought feedback on the inherited rules as a 
whole,\2\ and identified and executed several burden reduction projects 
from that undertaking.\3\ The Bureau has largely completed those 
initial projects,\4\ and believes that the next logical step is to 
review individual regulations--or portions of large regulations--in 
more detail to identify opportunities to clarify ambiguities, address 
developments in the marketplace, or modernize or streamline provisions. 
The Bureau notes that other Federal financial services regulators have 
engaged in these types of reviews over time, and believes that such an 
initiative would be a natural complement to its work to facilitate 
implementation of new regulations.
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    \2\ 76 FR 75825 (Dec. 5, 2011).
    \3\ See 79 FR 64057 (Oct. 28, 2014); 78 FR 25818 (May 3, 2013); 
78 FR 18221 (Mar. 26, 2013). In some cases Congress took action 
related to the same topics identified as part of the Bureau's 
streamlining initiative. See, e.g., 81 FR 44801 (July 11, 2016); 78 
FR 18221 (Mar. 26, 2013).
    \4\ The Bureau expects to complete work later this year on a 
final rule amending certain requirements concerning annual privacy 
notices under the Gramm-Leach-Bliley Act. The Bureau conducted a 
prior rulemaking to create an exception to facilitate the ability of 
financial services providers to deliver such notices via their 
websites. 79 FR 64057 (Oct. 28, 2014). Congress then amended the 
underlying law to create a broader exception. That amendment took 
effect in December 2015, and the Bureau is completing certain 
conforming regulatory amendments to reflect the statutory change.
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    For its first review, the Bureau expects to focus primarily on 
subparts B and G of Regulation Z, which implement TILA with respect to 
open-end credit generally and credit cards in particular. As part of 
this general effort, the Bureau is considering rules to modernize the 
Bureau's database of credit card agreements to reduce burden on issuers 
that submit credit card agreements to the Bureau and make the database 
more useful for consumers and the general public. The Credit Card 
Accountability Responsibility and Disclosure Act of 2009 (CARD Act) 
requires credit card issuers to post their credit card agreements to 
their internet site, and submit those agreements to the Bureau to be 
posted on an internet site maintained by the Bureau. The Bureau 
believes an improved submission process and database would be more 
efficient for both industry and the Bureau and would allow consumers 
and the general public to access and analyze information more easily.
    The Bureau has also launched several initiatives focusing on ways 
to facilitate technological and product innovation that could benefit 
consumers. These include the CFPB's Trial Disclosure Waiver Program, 
which is designed to implement the Bureau's authority under section 
1032 of the Dodd-Frank Act to grant financial services providers 
temporary waivers to conduct controlled field experiments of consumer 
disclosures. In addition, the Bureau has published a policy to 
facilitate the issuance of ``No Action Letters'' indicating that Bureau 
staff has no present intention to recommend enforcement or supervisory 
action with respect to specific applicants who wish to provide 
innovative financial products or services that promise substantial 
consumer benefit but raise substantial uncertainty as to application of 
existing consumer financial laws.\5\ The Bureau has also recently 
published two ``Requests for Information'' (RFI) seeking to explore the 
potential benefits and risks to consumers of recent developments in the 
marketplace relating to use of consumer data. Specifically, one RFI 
focused on gathering information about the consumer benefits and risks 
associated with market developments related to the provision of 
products and services, based on the aggregation of a consumer's 
financial information maintained by multiple financial institutions 
that a consumer uses (e.g., personal financial management services) and 
that rely on third-party entities referred to as data aggregators 
acting with consumer permission to collect consumer financial account 
and account-related information.\6\ The other concerned use of so-
called ``alternative data'' in the credit process, including to assess 
the creditworthiness of consumers who do not have substantial 
traditional credit histories.\7\
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    \5\ See, e.g., Press Release, Bureau of Consumer Fin. Prot., 
CFPB Announces First No-Action Letter to Upstart Network (Sept. 14, 
2017), https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-first-no-action-letter-upstart-network/.
    \6\ 81 FR 83806 (Nov. 22, 2016).
    \7\ 82 FR 11183 (Feb. 17, 2017).
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    In light of the feedback received in response to the RFIs and 
various other outreach to industry, consumer advocates, and other 
stakeholders, the Bureau has decided to add two new entries to its 
long-term regulatory agenda.\8\ This portion of the agenda, which 
focuses on potential regulatory actions that an agency may engage in 
beyond the current fiscal year, already contains entries concerning 
consumer reporting and student loan servicing. The Bureau is now adding 
entries concerning potential rulemakings to modernize Regulation E, 
which implements the Electronic Fund Transfer Act (EFTA), and to 
address issues of concern in connection with data aggregators, either 
under existing regulatory regimes such as EFTA and the Fair Credit 
Reporting Act or under the Dodd-Frank Act more generally. In both 
cases, the Bureau believes that technological and market developments 
may warrant rulemaking application to clarify the application of 
existing statutes and regulations, modernize and

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streamline those laws, and address emerging consumer protection 
concerns.
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    \8\ Further, the Bureau is moving Amendments to FIRREA 
Concerning Appraisals (Automated Valuation Models) into the Long-
Term Actions based on continuing interagency discussions.
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    The Bureau has also launched an internal task force to coordinate 
and bolster the agency's continuing effort to fulfill its mandate to 
identify and relieve regulatory burdens, including with regard to small 
businesses, consistent with the Bureau's other objectives under section 
1021 of the Dodd-Frank Act. The task force is currently engaged in 
reviewing ideas for reduction of regulatory burden that have been 
suggested by Bureau stakeholders.

Further Planning

    Finally, the Bureau is continuing to conduct outreach and research 
to assess issues in various other markets for consumer financial 
products and services beyond those discussed above. As this work 
continues, the Bureau will evaluate possible policy responses, 
including possible rulemaking actions, taking into account the critical 
need for and effectiveness of various policy tools. The Bureau will 
update its regulatory agenda in spring 2018, to reflect the results of 
this further prioritization and planning.

    Dated: September 28, 2017.
 Kelly Thompson Cochran,
Assistant Director for Regulations, Bureau of Consumer Financial 
Protection.

           Consumer Financial Protection Bureau--Prerule Stage
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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391.......................  Business Lending Data              3170-AA09
                             (Regulation B).
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         Consumer Financial Protection Bureau--Completed Actions
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                                                           Regulation
       Sequence No.                    Title             Identifier No.
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392.......................  Payday, Vehicle Title, and         3170-AA40
                             Certain High-Cost
                             Installment Loans.
393.......................  Arbitration...............         3170-AA51
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CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Prerule Stage

391. Business Lending Data (Regulation B)

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 15 U.S.C. 1691c-2
    Abstract: Section 1071 of the Dodd-Frank 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-owned, 
minority-owned, and small businesses. The amendments to ECOA made by 
the Dodd-Frank Act require that certain data be collected, maintained, 
and reported, including the number of the application and date the 
application was received; the type and purpose of the loan or credit 
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 of the business; and the race, sex, and ethnicity of the 
principal owners of the business. The Dodd-Frank Act also provides 
authority for the CFPB to require any additional data that the CFPB 
determines would aid in fulfilling the purposes of this section. The 
Bureau is focusing on outreach and research to develop its 
understanding of the players, products, and practices in the small 
business lending market and of the potential ways to implement section 
1071. The CFPB then expects to begin developing proposed regulations 
concerning the data to be collected, potential ways to minimize burdens 
on lenders, and appropriate procedures and privacy protections needed 
for information-gathering and public disclosure.
    Timetable:

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               Action                    Date            FR Cite
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Prerule Activities..................   05/00/18  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: James Wylie, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA09

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Completed Actions

392. Payday, Vehicle Title, and Certain High-Cost Installment Loans

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 5531; 12 U.S.C. 5532; 12 U.S.C. 5512; 12 
U.S.C. 5551
    Abstract: The Bureau is conducting a rulemaking to address consumer 
harms from practices related to payday loans and other similar credit 
products, including failure to determine whether consumers have the 
ability to repay without default or re-borrowing and certain payment 
collection practices. The Bureau released a Notice of Proposed 
Rulemaking in June 2016 that would identify it as an abusive and unfair 
practice for a lender to make a covered loan without reasonably 
determining that the consumer has the ability to repay the loan. Among 
other things, the proposal would require that, before making a covered 
loan, a lender must reasonably determine that the consumer has the 
ability to repay the loan. The Bureau received more than 1 million 
comments on the proposal.
    Timetable:

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               Action                    Date            FR Cite
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NPRM................................   07/22/16  81 FR 47863
Request For Information.............   07/22/16  81 FR 47781
NPRM Comment Period End.............   10/07/16  .......................
Request For Information Comment        11/07/16  .......................
 Period End.
Final Rule..........................   11/17/17  82 FR 54472
Final Action Effective..............   01/16/18  .......................
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    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Mark Morelli, Office of Regulations, Consumer 
Financial Protection Bureau, Phone: 202 435-7700.
    RIN: 3170-AA40

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393. Arbitration

    E.O. 13771 Designation: Independent agency.
    Legal Authority: 12 U.S.C. 5512(b); 12 U.S.C. 5518(b)
    Abstract: In July 2016, the Bureau finalized a rulemaking 
concerning the use of agreements providing for arbitration of any 
future dispute between covered persons and consumers in connection with 
the offering or providing of certain consumer financial products or 
services. The rulemaking followed on a report that the Bureau issued to 
Congress in March 2015 as required by the Dodd-Frank Act, as well as on 
preliminary results of arbitration research that were released by the 
Bureau in December 2013, and a May 2016 Notice of Proposed rulemaking. 
The Bureau received more than 110,000 comments in response to the 
proposal. The rule prohibited covered providers of certain consumer 
financial products and services from using an arbitration agreement to 
bar the consumer from filing or participating in a class action. Under 
the rule companies would still have been able to include arbitration 
clauses in their contracts. However, for contracts subject to the rule, 
the clauses would have had to say explicitly that they cannot be used 
to stop consumers from being part of a class action in court. The rule 
also required a covered provider that has an arbitration agreement and 
that is involved in arbitration pursuant to a pre-dispute arbitration 
agreement to submit specified arbitral records to the Bureau. Congress 
passed a joint resolution under the Congressional Review Act 
disapproving the arbitration rule; the President signed the joint 
resolution on November 1, 2017. Under the resolution, the arbitration 
rule shall have no force or effect.''
    Timetable:

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               Action                    Date            FR Cite
------------------------------------------------------------------------
NPRM................................   05/24/16  81 FR 32830
NPRM Comment Period End.............   08/22/16  .......................
Final Rule..........................   07/19/17  82 FR 33210
Final Rule Effective................   09/18/17  .......................
Notice of CRA Revocation............   11/22/17  82 FR 55500
------------------------------------------------------------------------

    Regulatory Flexibility Analysis Required: Yes.
    Agency Contact: Eric Goldberg, Consumer Financial Protection 
Bureau, Office of Regulations, Phone: 202 435-7700.
    RIN: 3170-AA51

[FR Doc. 2017-28241 Filed 1-11-18; 8:45 am]
 BILLING CODE 4810-AM-P