In December 2022, the Consumer Financial Protection Bureau (CFPB) issued its Fall 2022 Regulatory Agenda, which includes the CFPB’s planned rulemakings.

The good news is it appears the CFPB might be transitioning back to a more formal proposal and final rule process for new requirements. Below is a list of pertinent upcoming rule changes along with the respective stage of the rules:

• Overdraft Fees – Prerule Stage
• Fair Credit Reporting Act – Prerule Stage
• Personal Financial Data Rights – Prerule Stage
• Fees for Insufficient Funds – Prerule Stage
• Credit Card Penalty Fees – Proposed Rule Stage
• Regulation B Small Business Lending Data Collection – Final Rule Stage (Expected first quarter 2023.)

Stay tuned! As final rules are released, Doeren Mayhew’s regulatory compliance specialists will provide updated information. Contact us today with any questions."