In September, we reported on the CFPB’s plans to create a new chapter X of CFR title 12 to house the rules for which rulemaking authority was transferred to the CFPB by the Dodd-Frank Act. Last week, the relocation process got underway, with the CFPB’s publication in the Federal Register of three interim final rules that establish the following regulations: Regulation N, 12 CFR Part 1014 (Mortgage Acts and Practices-Advertising), Regulation O, 12 CFR Part 1015 (Mortgage Assistance Relief Services), Regulation F, 12 CFR Part 1006 (FDCPA) and Regulation I, 12 CFR Part 1009 (Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance.)
The relocation process is continuing this week, with the publication in the Federal Register of additional interim final rules establishing the following regulations: Regulation M, 12 CFR Part 1013 (Consumer Leasing), Regulation C, Part 1003 (Home Mortgage Disclosure), Regulations G and H, 12 CFR Parts 1007 and 1008 (S.A.F.E. Act), Regulation X, 12 CFR Part 1024 (RESPA), Regulation B, 12 CFR Part 1002 (ECOA), Regulation V, 12 CFR Part 1022 (FCRA), Regulations J, K and L, 12 CFR Parts 1010, 1011 and 1012 (Interstate Land Sales Registration Program), Regulation P, 12 CFR Part 1016 (Privacy of Consumer Financial Information), and Regulation DD, 12 CFR Part 1030 (TISA).
These interim final rules represent 12 of 14 such rules the CFPB intends to publish to “restate and recodify the implementing regulations under 14 existing consumer financial laws.” All interim final rules published on or before December 30, 2012 will be effective on December 30. Any interim final rules published after December 30 will be effective immediately. Comments are due by February 14, 2012. According to the background information published with each rule, the CFPB has only made “non-substantive, technical, formatting, and stylistic changes to the transferred regulations. However, even if no substantive changes are intended, it’s possible certain changes could have substantive impact and will need to be revisited by the CFPB.