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Washington
CFPB takes on Reg DD four other new rules
WASHINGTON (12/22/11)--The Consumer Financial Protection Bureau (CFPB) is accepting comments on the rules it has inherited from other agencies under the Dodd-Frank Act and has been publishing them in the Federal Register, including Truth in Savings (regulation DD) and Fair Credit Reporting (Regulation V).

The other rules that are newly under CFPB oversight are:

  • Privacy of Consumer Financial Information (Regulation P);
  • Equal Credit Opportunity (Regulation B); and
  • Interstate Land Sales Registration Program (Regulations J, K, and L).
The CFPB in the Federal Register said it is republishing the regulations "with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act." However, the legal intent of the regulations is not being changed at this time, the CFPB said.

The Credit Union National Association (CUNA) will be using this opportunity to determine what changes could be suggested to help alleviate credit unions' regulatory burdens while still upholding statutory requirements. CUNA plans to review each one of the inherited rules in detail, many of them with one or more of CUNA's Governmental Affairs Committee's Subcommittees, credit union leagues, CUNA's Councils, and other groups. 

The CFPB is accepting comment on these rules until Feb. 21 and an interim final rules will become effective on Dec. 30, 2012.

Under the Dodd-Frank Act, rule-writing authority for more than 12 consumer protection laws was transferred from the National Credit Union Administration, the Federal Reserve, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the Office of Comptroller of the Currency and the Office of Thrift Supervision.

The CFPB this month announced it would accept public input on how to best streamline rules that it will soon inherit from seven federal agencies "to make it easier for banks, credit unions and others to follow the rules" and ensure that regulations work better for consumers and the firms that serve them.

CUNA is also asking for credit union comment on this issue.

For the CFPB releases on these rules, and CUNA's comment call, use the resource links.
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