CFPB issues Fall 2016 rulemaking agenda

The CFPB, like other federal agencies, is required to publish regulatory agendas twice a year. Last week, the CFPB published its Fall 2016 rulemaking agenda (“Fall 2016 Agenda”) as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda includes rulemaking actions in pre-rule, proposed rule, final rule, long-term, and completed stages. It is worth noting that the preamble states that the information is current as of October 19, 2016. We believe that the results of the Presidential election and its potential impact on the CFPB’s leadership will likely alter the CFPB’s post-election agenda as it is currently described in the Fall 2016 Agenda.

How will the PHH decision affect CFPB rulemaking?

Last week, in PHH v. CFPB, the DC Circuit held that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional. In its opinion, the three-judge panel noted that it was unnecessary for the court to “consider the legal ramifications” of its decision “for past CFPB rules or for past agency enforcement actions.” Despite the court’s decision not to address the issue, it raises an obvious question: “Will the PHH decision affect CFPB rulemaking?” It is apparent that the decision could result in greater regulatory oversight for CFPB rulemaking.