The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer financial protection laws implemented by such rules.

The Dodd-Frank Act, as of July 21, 2011, transferred to the CFPB the rulemaking authority of the Fed and various other federal agencies under 14 federal consumer financial protection laws (except with respect to certain sections of such laws).  Such laws included the ECOA, TILA, FCRA, FDCPA, RESPA, GLBA, and HMDA.  In December 2011, through interim final rules, the CFPB republished in the Federal Register the regulations implementing the 14 laws as new parts of title 12 of the Code of Federal Regulations.

The final rule adopts the December 2011 interim final rules with no changes, subject to any intervening final rules published by the CFPB.   In the Supplementary Information, the CFPB stated that a number of comments it received on the interim final rules asked the CFPB to confirm that it was bound by existing informal advisory opinions issued by predecessor agencies.  In response to such comments, the CFPB noted that the July 2011 notice it published identifying rules and orders enforceable by the CFPB included the statement that the CFPB “will give due consideration to the application of other written guidance, interpretations, and policy statements issued prior to July 21, 2011, by a transferor agency in light of all relevant factors….”