RSSA little over a week remains for the financial services industry to comment on the “Identification of Enforceable Rules and Orders” that the Consumer Financial Protection Bureau published in the Federal Register on May 31. Comments are due June 30.
Under the Dodd-Frank Act, this list of rules will be transferred from other regulatory agencies to the CFPB on July 21.
The list includes the following rule transfers from seven agencies
Federal Reserve
Equal Credit Opportunity Act
Home Mortgage Disclosure
Electronic Fund Transfers
Registration of Residential Mortgage Loan Originators
Consumer Leasing
Privacy of Consumer Financial Information
Fair Credit Reporting (Regulation V) (with certain exceptions)
Truth in Lending (Regulation Z)
Truth in Savings (Regulation DD)
Federal Deposit Insurance Corporation
Privacy of Consumer Financial Information
Fair Credit Reporting (with exceptions)
Registration of Residential Mortgage Loan Originators
Office of the Comptroller of the Currency
Adjustable-Rate Mortgages (but only as applied to non-federally chartered housing creditors under the Alternative Mortgage Transaction Parity Act (AMTPA))
Registration of Residential Mortgage Loan Originators
Privacy of Consumer Financial Information
Fair Credit Reporting (with exceptions)
Office of Thrift Supervision
Adjustments to home loans (but only as applied to non-federally chartered housing creditors under AMTPA)
Alternative Mortgage Transactions (but only as it relates to AMTPA)
Registration of Residential Mortgage Loan Originators
Fair Credit Reporting (with exceptions)
Privacy of Consumer Financial Information
National Credit Union Administration
Loans to members and lines of credit to members (but only as applied to non-federally chartered housing creditors under AMTPA)
Truth in Savings
Privacy of Consumer Financial Information
Fair Credit Reporting (with exceptions)
Requirements for insurance, but only with respect to Truth in Savings, Privacy of Consumer Financial Information and Registration of Residential Mortgage Loan Originators
Registration of Residential Mortgage Loan Originators
Federal Trade Commission
Telemarketing Sales Rule
Privacy of Consumer Financial Information
Disclosure Requirements for Depository Institutions Lacking Federal Depository Insurance
Mortgage Assistance Relief Services
Use of Pre-notification Negative Option Plans
Rule Concerning Cooling-Off Period for Sales Made at Homes or at Certain Other Locations
Preservation of Consumers’ Claims and Defenses
Credit Practices
Mail or Telephone Order Merchandise
Disclosure Requirements and Prohibitions Concerning Franchising
Disclosure Requirements and Prohibitions Concerning Business Opportunities
Fair Credit Reporting Act (with exceptions)
Procedures for State Application for Exemption from the Provisions of the [Fair Debt Collection Practices] Act
Department of Housing and Urban Development
Hearing Procedures Pursuant to the Administrative Procedure Act
Civil Money Penalties: Certain Prohibited Conduct (but only as applied to the Real Estate
Settlement Procedures Act of 1974 (‘RESPA) and the Interstate Land Sales Full Disclosure Act (ILSA))
Land Registration
Purchasers’ Revocation Rights, Sales Practices, and Standards
Formal Procedures and Rules of Practice
Real Estate Settlement Procedures Act
Investigations in Consumer Regulatory Programs (but only as applied to RESPA and ILSA)
The list of rules is meant to serve only as a “convenient reference source.”
“[T]he inclusion or exclusion of any rule or order would not alter the CFPB’s authority. In addition, section 1063(i) does not require the CFPB to update, correct, or otherwise maintain the final list,” according to the Federal Register notice.
“Unlike the underlying laws, the regulations can be changed by the CFPB without Congressional approval. To change a regulation, the CFPB would need to follow normal notice and comment rulemaking,” the National Association of Federal Credit Unions writes.
NAFCU’s reminder to credit unions extends to any financial institution and CFPB-regulated entity: “Credit unions of all asset sizes will need to focus on the CFPB’s rulemaking process to stay up-to-date on new compliance challenges.”
