Compliance Blog

Written by Steve Van Beek

Yesterday, we outlined the CFPB's efforts to move the "inherited regulations" from their existing place in the Electronic Code of Federal Regulations to the CFPB's Title X of Chapter 12.  

Will there be Substantive Changes during the Republishing of the Regulations?

According to the CFPB - no.  The CFPB has indicated that any changes will be technical in nature rather than substantive.  Here is from the CFPB's HMDA/Regulation C rule:

"The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer to the Bureau of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Home Mortgage Disclosure Act of 1975 (HMDA), as amended, the Bureau is publishing for public comment an interim final rule establishing a new Regulation C (Home Mortgage Disclosure). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation C, previously published by the Board."

 Of course, there is always the possibility the CFPB views a change as "technical" while the impact on the financial industry is substantive.  

When will the Links to the New Regulations go live?  

Great question.  My understanding is the CFPB's new sections of the Electronic Code of Federal Regulations (e-CFR) will go live on December 30, 2011 - the effective date of the Interim Final Rules.  This has traditionally been the timeframe used in the past (new rules would be incorporated into the e-CFR when they officially became effective).

Will the Official Staff Commentary be Republished as well?

Yes.  The CFPB is republishing the regulations along with the accompanying Appendices - including the Official Staff Commentary and any model forms.

As of Today, Which Regulations Have Been Republished?

The following regulations have been republished in the Federal Register by the CFPB (not all of these impact credit unions).

• Published in the Federal Register on Friday, December 16
  • Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (Regulation I)
    
  • Fair Debt Collection Practices Act (Regulation F)
  • Mortgage Acts and Practices-Advertising (Regulation N); Mortgage Assistance Relief Services (Regulation O)
• Published in the Federal Register on Monday, December 19
  • Consumer Leasing (Regulation M)
    
  • Home Mortgage Disclosure (Regulation C)
  • S.A.F.E. Mortgage Licensing Act (Regulations G & H)
• Published in the Federal Register on Tuesday, December 20
• Real Estate Settlement Procedures Act (Regulation X)