Reflecting the transfer of some consumer protection rulewriting authority to the federal consumer protection agency, the Federal Reserve said Monday it had repealed one regulation, and is proposing to revise a second.
The Fed said it is publishing a final rule to repeal its Regulation C (Home Mortgage Disclosure), which has been superseded by new, final rules issued by the Consumer Financial Protection Bureau (CFPB). The central bank is also revising its Regulation M (Consumer Leasing) in a proposal which, it said, reflects changes in the coverage of its rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). The proposal is being issued with a 60-day comment period.
“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,” the Fed said in a release. “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.”