On April 2, 2018, the U.S. Consumer Financial Protection Bureau published its semi-annual report. The report, which is mandated by the Dodd-Frank Act, highlights and summarizes various topics the CFPB is working on, including a list of rules, orders and initiatives to be undertaken in the upcoming period. The report notes upcoming proposed and final rules, including reconsideration of certain aspects of Regulation C (Home Mortgage Disclosure), finalization of amendments to Regulation P (Annual Privacy Notice Requirements Under the Gramm-Leach-Bliley Act), and finalizing an amendment to Regulation Z (Federal Mortgage Disclosure Requirements under the Truth in Lending Act). In his introductory letter to the report, CFPB Acting Director Mick Mulvaney was critical of past actions by the CFPB, contending that the CFPB was too powerful and subject to very little oversight. Acting Director Mulvaney noted that the CFPB "will continue to execute the law, but will no longer go beyond its statutory mandate." In addition, Acting Director Mulvaney requested Congress enact four changes in order to promote and establish CFPB accountability: funding the CFPB through the congressional appropriations process, requiring congressional approval of major CFPB rules, ensuring that the CFPB Director is accountable to the President in the exercise of executive authority and creating an independent Inspector General for the CFPB.
The CFPB report is available at: https://files.consumerfinance.gov/f/documents/cfpb_semi-annual-report_spring-2018.pdf.
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