The Federal Reserve Board on Monday announced the repeal of one regulation and the revision of a second to reflect the transfer of certain consumer protection rulewriting authority to the Consumer Financial Protection Bureau (CFPB).
The Board is publishing a final rule to repeal Regulation C (Home Mortgage Disclosure), which has been superseded by final rules issued by the CFPB.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 Wall Street Reform and Consumer Protection 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.
The Board’s Federal Register notices are attached. Comments on the proposed revisions to Regulation M must be submitted within 60 days from the date of publication, which is expected shortly.