Consumer Financial Protection Bureau Rulemaking Timeline

Guggenheim Securities analyst, Jaret Seiberg remarks that the rulemakings of CFPB are likely to not take effect until 2017 or beyond.

On average, it takes 18 months or longer for Consumer Financial Protection Bureau rulemakings to take effect. For example, the issue of debt collection was placed on the bureau’s list of initiatives in 2013, and still has not taken effect. On the other hand, the most recent agenda was issued in November, and the practice under scrutiny is still in pre-ruling stage.
The CFBP bureau is to propose a plan for overdraft programs on checking accounts in the second half of the year. It is believed that customers pay too much in overdraft fees, and that if they were given a period in which to pay back their loans, less overdrafts would occur.
There has also been an expressed concern for short-term pay. Morrison Foerster’s Poindexter says that the timing in which overdraft fees are dealt with depends on when payday and short-term pay concerns are resolved within CFBP. Poindexter has stated, “The closer they get to releasing something on short-term loans, I think they’ll get closer to really being able to deal with overdraft.”
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