As required by the Consumer Financial Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) has published a list of rules and orders that it plans to take over enforcement responsibility when the bureau launches next month.
The proposed rule, published in the Federal Register on May 31st, list 47 rules across seven different federal agencies that the CFPB plans to assume when a final list is published on the bureau's official launch date, July 21, 2011.
According to the notice in the Federal Register, the CFPB is required under the act to publish the list of rules or orders that it plans to assume enforcement authority over, however, the inclusion or exclusion of any specific rule does not alter the CFPB's authority. The bureau is also not required to maintain the list beyond the initial announcement.
Included in the rules that the CFPB plans to assumer authority over are:
- The registration of residential mortgage loan originators and privacy of consumer financial information across all agencies
- The Equal Credit Opportunity Act, Home Mortgage Disclosure and Truth in Lending from the the Federal Reserve
- Adjustable-rate mortgages from the Office of the Comptroller of the Currency
- Real Estate Settlement Procedures Act (RESPA) and Formal Procedures and Rules of Practice from HUD.
Prior to publishing the final list in the Federal Register, the proposed rule is open for comments through June 30, 2011.