WASHINGTON—The Trump administration has released its fall 2018 agenda for regulatory and deregulatory actions, while NCUA and the Bureau of Consumer Financial Protection have released
their fall rulemaking agendas.
Why pay attention to the agendas? Over the past two years, federal agencies have issued 176 deregulatory actions that have contributed to a $33-billion regulatory cost reduction, according to NAFCU.
Of note in the various agencies' and departments' plans:
- Bureau of Consumer Financial Protection: The new rulemaking agenda indicates the Bureau will issue a proposed rule in early 2019 to address concerns with its 2017 payday lending rule. Related to S. 2155, the Bureau next year plans to issue a rule to adjust collection and reporting thresholds under the Home Mortgage Disclosure Act (HMDA), and will also pursue clarification on provisions that might not require a rulemaking for implementation. In addition, the Bureau plans to issue a rule related to debt collection practices in March 2019, and it will also assess the TILA/RESPA integrated disclosure (TRID) rule, NAFCU reported.
- NCUA: On the NCUA's fall rule agenda are issues the agency is already pursuing, including PALs (final rule expected in December), real estate appraisals, Federal Credit Union Bylaws and loans to members. The agency is also expected to issue a proposed rule on alternative capital and a final rule related to private flood insurance in the coming months.
- Small Business Administration (SBA): The SBA has goals to expand access to capital through its lending network, support veterans and military families looking to start or expand their businesses, among others. The agency will also work to implement the Small Business 7(a) Lending Oversight Reform Act.
- Federal Trade Commission (FTC): The FTC will continue to fight against illegal robocalls by coordinating with the Federal Communications Commission (FCC) and other stakeholders, NAFCU noted. The FCC is currently seeking feedback on the definition of an autodialer, the creation of a reassigned numbers database, among other issues to eliminate illegal robocalls. The FTC this fall will also consider a recommendation to its Safeguards Rule, which implements high level security concepts contained in the Gramm-Leach-Bliley Act. The rule has yet to be updated to address the growing involvement of nonbank financial companies in the financial services marketplace, NAFCU noted.
- Department of Labor: The department plans to issue in March 2019 a proposed rule to revise its 2016 overtime pay rule. Last year, the DOL sought public input on the rule after it was invalidated by a federal judge.