The Federal Reserve Board, on Dec. 18, announced the repeal of one regulation and the revision of another to reflect the transfer of consumer protection rule-writing authority to the Consumer Financial Protection Bureau.
The Board published a final rule to repeal Regulation C (Home Mortgage Disclosure), which has been superseded by final rules issued by the CFPB. The Board is also publishing a proposal to revise its Regulation M (Consumer Leasing) to reflect changes in the coverage of the Board's rule under the Dodd-Frank Act.
Prior to enactment of the Dodd-Frank Act, the Consumer Leasing Act (CLA) was implemented solely by the Board's Regulation M, which applied to all types of lessors. Rulemaking authority for the CLA currently rests with the CFPB with the exception of rules applicable to certain motor vehicle dealers. The proposed amendments to the Board's Regulation M would clarify the scope of the Board's rule, which applies only to lessors that are excluded under the Dodd-Frank Act from coverage by the CFPB's leasing regulation.
Comments on the proposed revisions to Regulation M must be submitted within 60 days from the date of publication, which is expected shortly.
The Federal Register notices can be found here, and here.