John Zasada, Compliance Consulting Director, Financial Institutions Group

On June 11, 2021, the Consumer Financial Protection Bureau (CFPB) published a rulemaking agenda highlighting upcoming regulatory changes to be made by the CFPB. Among these changes, the CFPB intends to issue a Notice of Proposed Rulemaking in September 2021 requiring financial institutions to collect, report and make public certain information concerning credit applications made by women-owned, minority-owned and small businesses.

The CFPB is also considering a rulemaking addressing the availability of consumer financial account data in electronic form and the means by which the data are accessed, transmitted, stored and used by financial institutions. Additionally, the bureau is considering a rulemaking focusing on the expiration of the LIBOR index to lessen the financial impact to consumers and facilitate creditor compliance by providing examples of replacement indices that meet Regulation Z requirements.

To learn more about the new rules and how they impact your financial institution, contact Doeren Mayhew’s regulatory compliance specialists.