WASHINGTON (6/7/12)--The Consumer Financial Protection Bureau (CFPB) has outlined its procedures and practices for enforcing federal consumer law in four new rules.
Three of the rules are final rules, and will become effective once they are published in the Federal Register. Credit Union National Association Regulatory Counsel Jared Ihrig noted the CFPB rules will only address enforcement, not regulation.
Ihrig said the CFPB's investigation rules are most relevant for credit unions. The agency release said the rule "lays out an efficient and fair process for conducting CFPB investigations," and covers procedures for issuing civil investigative demands. The rule also describes the rights of individuals who are under CFPB investigation.
Final rules addressing adjudication proceedings and how the CFPB is updated on state-level legal actions involving Dodd-Frank Act compliance have also been developed by the CFPB.
The fourth rule is an interim final rule that implements the Equal Access to Justice Act, which, according to the CFPB, allows some prevailing parties in administrative proceedings to recover attorney fees and expenses.
The CFPB said the rule sets forth who can seek to recover legal costs, and how they may attempt to do so.
Public comment on the interim rule will be accepted for 60 days after it is published in the Federal Register.
For more on the rules, use the resource link.