In Section 610 of the RFA, Congress specified that agencies review certain rules within 10 years of their publication, and consider the rules’ effect on small businesses. The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities, consistent with the stated objectives of applicable statutes. At the conclusion of each review, the Bureau will determine whether the rule should be continued without change, or should be amended or rescinded. The RFA requires each agency to invite public comment on each rule undergoing review and to consider specific factors, including:
• The continued need for the rule;
• The nature of public complaints or comments on the rule;
• The complexity of the rule;
• The extent to which the rule overlaps, duplicates, or conflicts with federal, state, or other rules; andz
• The time since the rule was evaluated or the degree to which technology, economic conditions, or other factors have changed the relevant market.
The public will have 60 days to comment on the CFPB’s plan after publication in the Federal Register.
The Overdraft Rule
The CFPB is also announcing the launch of its first RFA 610 review, which is of the 2009 Overdraft Rule.
In 2009, the Federal Reserve Board issued a rule that limits the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw consumers’ accounts. The rule amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA). The Bureau recodified Regulation E, including the amendments made by the Overdraft Rule, in 2011 when the Bureau assumed rulemaking responsibility under EFTA. Today’s notice seeks comment on the economic impact of the Overdraft Rule on small entities. The public will have 45 days to comment after publication of the notice in the Federal Register.