CFPB looks to overtake 47 rules from eight agencies
The Consumer Financial Protection Bureau published a list of rules it will likely assume oversight of when the new agency opens its doors in July. The CFPB becomes chief regulator for the rules it identified as mandated under the sweeping Dodd-Frank financial reforms. Some of the rules overlap, such as the regulation of consumer privacy rights, and will now be brought under one roof at the CFPB Primarily, the CFPB is looking to take over many rules from the Federal Trade Commission, with 13 proposed transfers of power. Among them, the CFPB wants oversight control on mortgage relief services. Business disclosures would also be part of this transfer. According to the list, the Department of Housing and Urban Development will transfer authority over the Real Estate Settlement Procedures Act, as well as related investigations. Nine of the rules will be transferred from the Federal Reserve. Of those, the CFPB looks to regulate mortgage disclosures under Regulation C. It will also gain authority to ensure mortgage originators are properly registered. The CFPB will also take three transfers from the Federal Deposit Insurance Corp., including duties regarding the oversight of regulation involving identity theft. Regulation of adjustable-rate mortgages originated from creditors that operate without federal charter will transfer from Office of the Comptroller of the Currency as well as three other rules. Five additional rules will be transferred from the Office of Thrift Supervision, with another six transferred from the National Credit Union Administration. The CFPB is seeking comments on the proposed rule transfers through the end of June. A final list of transferring regulations will be published by July 21, the same day the CFPB officially goes online. Write to Jacob Gaffney. Follow him on Twitter @JacobGaffney.