Federal agencies release outline of upcoming rulemaking activity

Federal agencies released the first Unified Rulemaking Agenda under the Trump administration. The information on planned activities from agencies including NCUA, CFPB, Treasury, Federal Reserve, Small Business Administration, and the Financial Crimes Enforcement Network helps shed light on the future direction of these agencies. The agendas list areas with planned pre-rule, proposed rule, and final rule stages, but they are not binding and only some rulemakings include specific timelines. 

America’s Credit Unions has engaged these agencies on numerous priorities present in the agendas. 

The CFPB lists several items that would affect credit unions, including:

• Pre-rule activity on unfair, deceptive, or abusive acts or practices (UDAAP), identity theft and coerced debt, mortgage servicing rules, and defining larger participants in the auto financing, consumer debt, consumer reporting, and international money transfer markets.
• Rescission of rules on nonbank registry and loan originator compensation, reconsideration of rules on payday loans, personal financial data rights/open banking, and small business lending data collection and new proposals on guidance document procedures, procedures for periodic review of bureau regulations, and the Equal Credit Opportunity Act;
• Final rules on streamlining mortgage servicing for borrowers experiencing payment difficulties, remittance transfers, the Financial Data Transparency Act, and more. 

The NCUA’s rulemaking agenda includes proposed rules on digital assets, records preservation, and dependent care and board member expense reimbursement. 

Importantly, the Federal Reserve does not list its proposed rule on lowering the debit lower the maximum interchange fee that a large debit card issuer can receive for a debit transaction.

America’s Credit Unions has created a resource summarizing relevant rulemakings and providing analysis on past positions and advocacy. America’s Credit Unions will be engaged with the agencies to ensure its members’ perspectives are accounted for in any upcoming rulemakings.