A final rule to require the collection and reporting of small-business loan data under Regulation B (Equal Credit Opportunity Act) is slated for action about March 2023, according to the latest regulatory agenda published by the Consumer Financial Protection Bureau (CFPB).
This is according to the bureau’s “spring” agenda, which was current as of April 1 (as noted in a Federal Register notice Monday on the bureau’s semiannual agenda) and covers expectations for the period from June 1, 2022, to May 31, 2023.
The small-business loan data reporting rule is required, the bureau said, under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The agency today called attention to this upcoming rule in a notice announcing two sessions slated in coming weeks to learn from and help prepare financial institutions and their providers for implementation of the technical aspects of the eventual final rule.
The agency’s spring agenda lists only five topics. Besides the small-business lending data rule, the agenda shows action pending on the following:
- On consumer access to financial records, an “outline” slated for this November related to a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel that will be convened on this topic. The bureau noted that Dodd-Frank requires, among other things, that covered entities (such as banks) make available to consumers, upon request, transaction data and other information concerning a consumer financial product or service that the consumer obtains from the covered entity. The comment period on an advance notice of proposed rulemaking closed Feb. 4.
- Regarding automated valuation models (AVMs) used in real estate appraisals, a notice of proposed rulemaking is slated for this December. The is participating in interagency rulemaking processes with the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) to implement Dodd-Frank requirements for quality control standards regulations for AVMs.
- On Property Assessed Clean Energy (PACE) financing, a notice of proposed rulemaking is slated for May 2023. The CFPB said section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended the Truth in Lending Act (TILA) to require regulations for PACE financing that carry out the purposes of TILA’s ability-to-repay (ATR) requirements and apply TILA’s general civil liability provision for violations of the ATR requirements the bureau will prescribe for PACE financing.
Another topic – barring the reporting of adverse information in cases of human trafficking – was already addressed in a final rule issued this June. The final rule, issued under the Fair Credit Reporting Act (FCRA), bars consumer reporting agencies from furnishing a consumer report containing any adverse item of information about a consumer that resulted from a severe form of trafficking in persons or sex trafficking if the consumer has provided trafficking documentation to the consumer reporting agency.