2024-16447. Semiannual Regulatory Agenda

Consumer Financial Protection Bureau—Proposed Rule Stage

Sequence No.	Title	Regulation Identifier No.
249	Fair Credit Reporting Act Rulemaking	3170-AA54

Consumer Financial Protection Bureau—Final Rule Stage

Sequence No.	Title	Regulation Identifier No.
250	Amendments to FIRREA Concerning Automated Valuation Models	3170-AA57
251	Required Rulemaking on Personal Financial Data Rights	3170-AA78

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Proposed Rule Stage

249. Fair Credit Reporting Act Rulemaking [3170-AA54]

Legal Authority:15 U.S.C. 1681, et seq.

Abstract: Congress enacted the Fair Credit Reporting Act (FCRA) to ensure fair and accurate credit reporting, promote efficiency in the banking system, and protect consumer privacy. The law and its implementing regulations (Regulation V) impose legal duties on consumer reporting agencies, users of consumer reports, and furnishers of information to consumer reporting agencies. The consumer credit reporting industry has consistently been a major source of consumer complaints, and, since the FCRA's enactment in 1970, advances in technology have led, particularly in recent years, to a rapid evolution of the consumer reporting marketplace, including the emergence of companies using business models that rely on newer technologies and novel methods to collect and sell consumer data. The CFPB is considering proposals to regulate many activities of such data brokers as covered under the FCRA and to address other issues that have arisen in the years since the FCRA's enactment. In light of recent events and research, the CFPB is also considering whether medical debts are necessary and appropriate for consideration by creditors in underwriting decisions to protect legitimate operational, transactional, risk, consumer, and other needs, such that they should continue to be covered by a regulatory exemption allowing their consideration by creditors. The CFPB is further considering whether medical debts should be included in consumer reports provided to creditors.

Timetable:

Action	Date	FR Cite
NPRM	07/00/24

Regulatory Flexibility Analysis Required: Yes.

Agency Contact: Laura Stack, Office of Regulations, Consumer Financial Protection Bureau, Washington, DC 20552, Phone: [phone].

RIN: 3170-AA54

CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)

Final Rule Stage

250. Amendments to FIRREA Concerning Automated Valuation Models [3170-AA57]

Legal Authority:12 U.S.C. 3354

Abstract: The CFPB is participating in an interagency rulemaking process with the Board of Governors of the Federal ( print page 66901) Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency (collectively, the Agencies) to develop regulations to implement the amendments made by the Consumer Financial Protection Act (CFPA) to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning automated valuation models. The FIRREA amendments require implementing regulations for quality control standards for automated valuation models (AVMs). The Agencies issued a proposed rule to implement the CFPA's AVM amendments to FIRREA in June 2023.

Timetable:

Action	Date	FR Cite
SBREFA Outline	02/23/22
SBREFA Report	05/13/22
NPRM	06/21/23	88 FR 40638
NPRM Comment Period End	08/21/23
Final Rule	07/00/24

Regulatory Flexibility Analysis Required: Yes.

Agency Contact: Pedro De Oliveira, Office of Regulations, Consumer Financial Protection Bureau, Washington, DC 20552, Phone: [phone].

RIN: 3170-AA57

251. Required Rulemaking on Personal Financial Data Rights [3170-AA78]

Legal Authority:12 U.S.C. 5533; 12 U.S.C. 5481

Abstract: Section 1033 of the Consumer Financial Protection Act (CFPA) provides that, subject to rules prescribed by the CFPB, a covered entity (for example, a bank) must 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. Section 1033 also states that the CFPB must prescribe by rule standards to promote the development and use of standardized formats for information made available to consumers. The CFPB released a Notice of Proposed Rulemaking in October 2023.

Timetable:

Action	Date	FR Cite
Request for Information	11/22/16	81 FR 83806
Principles Statement	10/18/17
ANPRM	11/06/20	85 FR 71003
ANPRM Comment Period End	02/04/21
SBREFA Outline	10/27/22
SBREFA Report	03/30/23
NPRM	10/31/23	88 FR 74796
NPRM Comment Period End	12/29/23
Final Rule	10/00/24