WASHINGTON–The Bureau of Consumer Financial Protection has moved a half-dozen regulatory actions, including proposals around overdrafts, to its inactive list.
The moves were included in the release of the BCFP’s rulemaking agenda for Spring 2018. In addition to proposals around overdraft services, the Bureau said it was also placing on the “inactive” list proposals around Consumer Financial Civil Penalty Fund, Alternative Mortgage Transaction Parity (Regulation D); Supervision of Larger Participants in Markets for Personal Loans; Defining Larger Participants in Certain Consumer Financial Product and Service Markets, and Student Loan Servicing.
As CUToday.info reports here, the Consumer Federation of America has blasted the BCFP for essentially dismantling its review of student lending practices.
In a statement published by the BCFP, it said its acting director, Mick Mulvaney, has “decided to reclassify as ‘inactive’ certain other rulemakings that had been listed in previous editions of our Unified Agenda in the expectation that final decisions on whether and when to proceed with such projects will be made by the Bureau’s next permanent director.”
The statement from the Bureau added that “This change in designation is not intended to signal a substantive decision on the merits of the projects.”
Credit unions had been paying particular attention to the BCFP’s plans for overdraft services, which had been a focus under former director Richard Cordray (who left the agency and just won the Democratic primary to be governor of Ohio).
The BCFP had earlier said its research on overdraft programs had found numerous “concerns” around such programs and the associates fees and other costs.
How the BCFP will treat the issue moving forward remains unknown, as President Trump has yet to name a nominee for the BCFP director position. Among those rumored to be under consideration is J. Mark McWatters, chairman of NCUA.