Written by Steve Van Beek
Dodd-Frank transferred authority for the "enumerated consumer laws" to the CFPB on July 21, 2011. In late December, the CFPB officially republished the regulations that implemented these "enumerated consumer laws" in its own section of the Electronic Code of Federal Regulations.
For credit unions, this means we need to use the CFPB's regulations for our research and our citations. For example, the correct citation for Regulation Z is now 12 C.F.R. 1026 and not 12 C.F.R. 226.
Why does this matter? When the CFPB issues changes to these regulations - such as the remittances final rule - these regulations will only update the CFPB's Regulation E. The prior version of Regulation E - under the Federal Reserve - will not be updated. In order to research the latest and most accurate information, look to and cite the CFPB's regulations. Note: The remittances final rule can be found in Subpart B to Regulation E.
CFPB Regulations. Below are links to the CFPB's regulations with the updated citations. This should be the starting point for your research.
- 12 C.F.R. 1002 - Regulation B: Equal Credit Opportunity Act
- 12 C.F.R. 1003 - Regulation C: Home Mortgage Disclosure Act
- 12 C.F.R. 1005 - Regulation E: Electronic Funds Transfers
- 12 C.F.R. 1006 - Regulation F: Fair Debt Collection Practices Act
- 12 C.F.R. 1007 - Regulation G: SAFE Act Mortgage Licensing - Federal System
- 12 C.F.R. 1016 - Regulation P: Privacy of Consumer Financial Information
- 12 C.F.R. 1022 - Regulation V: Fair Credit Reporting Act
- 12 C.F.R. 1024 - Regulation X (RESPA): Real Estate Settlement Procedures Act
- 12 C.F.R. 1026 - Regulation Z - Truth in Lending Act
Above is not a complete list, but they are the ones with the biggest impact on credit unions. The full listing of the CFPB's regulations is in Section 1000-1099 of Title 12 of the Electronic Code of Federal Regulations.
A couple of other items to keep in mind:
- Truth in Savings. Credit Unions need to follow Part 707 for Truth in Savings rather than Regulation DD. This blog post has more information.
- Federal Reserve. The Federal Reserve lost authority for quite a few regulations. However, they retain control over regulations that were not deemed to be "consumer" regulations. This blog post has additional information on which regulations stayed with the Federal Reserve.