CFPB – THE INHERITED REGULATIONS

On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations.

  • On December 16, 2011 the CFPB published Regulation F – Fair Debt Collection Practices Act, Regulation I – Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance, Regulation N – Mortgage Acts and Practices Advertising, and Regulation O – Mortgage Assistance Relief Services. These interim final rules are effective December 30, 2011. Comments must be received on or before February 14, 2012.
  • On December 19, 2011 the CFPB published Regulation M – Consumer Leasing, Regulation C – Home Mortgage Disclosure Act, and Regulations G and H – SAFE Act. These interim final rules are effective on December 30, 2011. Comments must be received on or before February 17, 2012.
  • On December 20, 2011 the CFPB published Regulation X – RESPA. This interim final rule is effective December 30, 2011. Comments must be received on or before February 21, 2012.
  • The remaining final rules are expected to be published within the next few days.

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