Fourteen Regulations Transferred to CFPB

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for several consumer financial protection laws from various federal agencies, including the National Credit Union Administration (NCUA), to the Consumer Financial Protection Bureau (CFPB) on July 21, 2011.

As a result, the CFPB is busy publishing interim final rules implementing the transfer of rulemaking authority. Each interim rule is effective December 30, 2011, with comments due by February 17, 2012. The interim rules do not impose any substantive changes to the transferred regulations. The CFPB is reorganizing these regulations so that they are all located in one section of the federal regulations, instead of being spread around.

The 14 laws to be transferred include the following, as set forth in the recent Home Mortgage Disclosure (Regulation C) interim rule:

• The Consumer Leasing Act
• The Electronic Fund Transfer Act (except for section 920)
• The Equal Credit Opportunity Act
• The Fair Credit Reporting Act (except for sections 615(e) and 628)
• The Fair Debt Collection Practices Act
• Section 43, subsections (b) to (f) of the Federal Deposit Insurance Act
• Sections 502 to 509 of the Gramm-Leach-Bliley Act, except for section 505 as it applies to section 501(b)
• The Home Mortgage Disclosure Act
• The Real Estate Settlement Procedures Act
• The S.A.F.E. Mortgage Licensing Act
• The Truth in Lending Act
• The Truth in Savings Act
• Section 626 of the 2009 Omnibus Appropriations Act
• The Interstate Land Sales Full Disclosure Act