The recent end to the partial federal government shutdown has freed the Federal Register to resume publication of federal agency rulemaking notices received over the past several weeks, among them two Consumer Financial Protection Bureau (CFPB) notices from December regarding Home Mortgage Disclosure Act (HMDA) data collection and fees for consumer credit reports.
Both notices are slated for publication Thursday. To recap previous reporting, the CFPB’s HMDA notice says banks, savings associations, and credit unions with assets of $46 million or less as of Dec. 31, 2018, are exempt from collecting data under Regulation C in 2019. Meanwhile, the FCRA notice raises the maximum fee consumers can be charged for their credit reports under the Fair Credit Reporting Act (FCRA) to $12.50. In this notice, the bureau says it has also now codified the yearly adjustment notices and added a provision to Regulation V regarding the maximum allowable charge.
The two notices were finalized in late December, set to be effective upon publication and applicable as of Jan. 1, 2019.
The House and Senate passed, and the president signed, a continuing resolution last week that ensures continued funding for those agencies affected by the shutdown at least to Feb. 15, when another agreement will be required to keep them operating. The Office of Federal Register noted that during an interruption in government funding, the Register does not publish new notices except in the case of particular need (see story).
Additional agency notices that were released during the shutdown but delayed from publication are expected to appear soon in the Register.
Fair Credit Reporting Act Disclosures (Final Rule)
RR: Kraninger sets $12.50 maximum charge for consumer credit reports in 2019 (Jan. 8, 2019)
RR: Kraninger signs new-year HMDA, escrow exemption threshold adjustments (Jan. 4, 2019)