CFPB to Receive Authority From Seven Agencies, Will Enforce Rules

The Consumer Financial Protection Bureau, following its transfer date of July 21, will receive authority from seven transferor agencies, many of which currently exercise authority  including enforceable rules over lending procedures and processes.

According to the Dodd-Frank Act, as of the transfer date, the CFPB “shall, after consultation with the head of each transferor agency, identify the rules and orders that will be enforced by the Bureau; and shall publish a list of such rules and orders in the Federal Register.”

Included in those seven transfer agencies are the Federal Reserve Board, Federal Deposit Insurance Corporation, Department of Housing and Urban Development. Under their authorities being transferred, the CFPB will assume authority over home mortgage disclosure (Regulation C) and Truth in Lending (Regulation Z) from the Federal Reserve Board, among other enforceable rules.

Currently, under Dodd-Frank rule, CFPB has consulted with the transferor agencies and has developed a list of rules for which it seeks public comment. According to the Federal Register, after consultation, neither the transferor agencies nor the CFPB have identified any orders for inclusion in the list. After considering public comments, the CFPB will publish a final list in the Federal Register not later than the designated transfer date.

View the full list of CFPB’s enforceable rules and transferor agencies.

Written by Elizabeth Ecker

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