Proposed Rules & Comment Letters

Proposed Rules

Compliance Proposed Rules

Lending

  • April 7, 2021 - The Bureau issued a proposal to extend the effective date of the two final rules titled Debt Collection Practices (Regulation F) from November 30, 2021 until January 29, 2022; learn more here.
  • April 5, 2021 - The Bureau of Consumer Financial Protection (Bureau) is proposing amending Regulation X to assist borrowers affected by the COVID-19 emergency. The proposed amendments would generally prohibit servicers from making the first notice or filing required for foreclosure until after December 31, 2021, amend early intervention and reasonable diligence obligations to ensure that servicers are communicating timely and accurate information to borrowers about their loss mitigation options during the current crisis, and temporarily permit mortgage servicers to offer certain loss mitigation options made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application; learn more here.
  • March 3, 2021 - The Bureau of Consumer Financial Protection (Bureau) is proposing to delay the mandatory compliance date of the final rule titled Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule) from July 1, 2021 until October 1, 2022; learn more here.
  • June 4, 2020 - The Bureau has issued a proposed rule to amend Regulation Z generally to address the sunset of LIBOR, and to facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer products; learn more here.

BSA/AML

  • October 23, 2020 - the Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act.  FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule.  Comments will be accepted until November 27, 2020; learn more here.