Overdraft not in CFPB’s spring agenda, Mulvaney says in hearing

Overdraft rules are not on the spring rulemaking agenda of the Consumer Financial Protection Bureau (CFPB), the bureau’s acting director, Mick Mulvaney, told lawmakers during Q&A in a House Financial Services Committee hearing Wednesday.

Mulvaney, who is also the director of the Office of Management and Budget (OMB), went before the committee today to give testimony on the bureau’s semiannual report to Congress. The report details the bureau’s actions over the past several months and includes items he is giving priority in the months ahead. Mulvaney’s comment about overdraft was in response to a question from Rep. Bruce Poliquin, R-Maine.

As reported here earlier today, Mulvaney’s written testimony details the bureau’s plan to open a new rulemaking under the Home Mortgage Dislosure Act (HMDA). The rulemaking will address reporting thresholds and transactional coverage; it will also involve another look at data points CFPB has added to HMDA data collection that were not mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In addition to HMDA, the bureau’s agenda, as outlined in Mulvaney’s written testimony, anticipates upcoming rules on payday, vehicle title and certain high-cost installment loans (the bureau plans to revisit the rule adopted last November); the Expedited Funds Availability Act rule; the debt collection rule; and upcoming final rules on privacy notices under the

Gramm-Leach-Bliley Act; amendments related to the disclosure of records and information rule; and amendments to the federal mortgage loan disclosures required under the Truth in Lending Act rule.

Testimony of Mick Mulvaney, Acting Director, Bureau of Consumer Financial Protection, before the House Committee on Financial Services, April 11, 2018