Along with new goals, new resolutions, and feelings of renewal, the new year also brings the beginning of many new laws in California.
Here’s a link to a summary compiled by myself and Paul Soter on relevant new laws in California in the areas of consumer finance, payments and financial privacy.
The CFPB recently released its upcoming rule making agenda, “Fall 2013 Rulemaking Agenda” that maps out what the agency will focus on in 2014. Here’s a look at their summary:
On Mortgages: “follow-up mortgage issues, such as how to apply certain exemptions under the Dodd-Frank Act that are designed to preserve credit in “rural or underserved” areas…a proposed rule to implement Dodd-Frank Act changes to the Home Mortgage Disclosure Act, which will improve the mortgage data that is available to monitor the market and assess fair lending practices.”
On Prepaid Cards: a proposed rule with respect to prepaid card products.
On other Consumer Financial Products and Services: “actively assessing the need for regulations…on debt collection, payday loans and deposit advance products, and bank overdraft programs.”
Testing consumer disclosures in connection with prepaid products and debt collection.
Ways to streamline regulations, including issuing a proposal regarding consumer notices from financial institutions explaining information sharing practices.
For more information–the CFPB’s Agency Rule List Fall 2013.