Today, the Consumer Financial Protection Bureau (CFPB) officially receives enforcement authority for many consumer protection-related regulations from various agencies. Most notably for credit unions, the CFPB will now have enforcement authority over NCUA Regulations 707 (Truth in Savings), 716 (Privacy of Consumer Financial Information), 717 (Fair Credit Reporting) and 761 (Registration of Mortgage Loan Originators). The CFPB will also have enforcement authority over other familiar regulations including Regulation B (Equal Credit Opportunity), Regulation C (Home Mortgage Disclosure), Regulation E (Electronic Funds Transfers) and Regulation Z (Truth in Lending).
In the July 21, 2011 Federal Register, the CFPB stated that “[t]he official commentary, guidance, and policy statements issued prior to July 21, 2011 by a transferor agency [w]ill be applied by the CFPB pending further CFPB action.” This means that credit unions can continue to rely on “official” guidance, commentary and interpretation issued by the agencies formerly having enforcement authority over the particular regulation until the CFPB officially issues any conflicting information. The CFPB also stated that it intends to publish a list of the rules for which it has rulemaking authority later this year. Click here to view the Federal Register announcement.