[Federal Register Volume 76, Number 104 (Tuesday, May 31, 2011)]
[Rules and Regulations]
[Pages 31222-31223]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-13256]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Chapter X

[Docket No.: CFPB-HQ-2011-1]


Identification of Enforceable Rules and Orders

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice for Public Comment.

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SUMMARY: Section 1063(i) of the Consumer Financial Protection Act of 
2010 (``Act'') \1\ requires the Bureau of Consumer Financial Protection 
(``CFPB'' or ``Bureau'') to publish in the Federal Register a list of 
the rules and orders that will be enforced by the CFPB. This notice 
sets forth a list for public comment. A final list will be published 
not later than the designated transfer date, July 21, 2011.
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    \1\ The Act is Title X of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, Public Law 111-203.

DATES: Comments are invited and must be received on or before June 30, 
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2011.

ADDRESSES: Interested parties are invited to submit written comments 
electronically or in paper form. Comments should refer to ``Docket No. 
CFPB-HQ-2011-1.'' Comments should be submitted to:
     Electronic: http://www.regulations.gov.
     Mail or Hand Delivery/Courier in Lieu of Mail: Office of 
the General Counsel, CFPB, 1801 L Street, NW., Washington, DC 20036.
    All comments received will be posted to http://www.regulations.gov. 
In addition, comments will be available for public inspection and 
copying in Treasury's Library, Room 1428, Main Treasury Building, 1500 
Pennsylvania Avenue, NW., Washington, DC 20220, on official business 
days between the hours of 10 a.m. and 5 p.m. Eastern Time. An 
appointment to inspect comments can be made by telephoning (202) 622-
0990.
    All comments, including attachments and other supporting materials, 
will become part of the public record and subject to public disclosure. 
Sensitive personal information, such as account numbers or social 
security numbers, should not be included. Comments will not be edited 
to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: Rebecca G. Deutsch, Office of the 
General Counsel, CFPB, 1801 L Street, NW., Washington, DC 20036, 
[email protected].

SUPPLEMENTARY INFORMATION: Under the Act, on the designated transfer 
date, July 21, 2011,\2\ certain consumer financial protection 
authorities will transfer from seven transferor agencies \3\ to the 
CFPB, and the CFPB will also assume certain new authorities. Subject to 
the limitations and other provisions of the Act, the CFPB will be 
authorized to enforce, inter alia, rules and orders issued by the 
transferor agencies under the enumerated consumer laws.\4\ The CFPB 
will also have authority to enforce in some circumstances the Federal 
Trade Commission's Telemarketing Sales Rule and its rules under the 
Federal Trade Commission Act, although the Federal Trade Commission 
will retain full authority over these rules.\5\
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    \2\ The Secretary of the Treasury designated this date pursuant 
to section 1062 of the Act. See 75 FR 57252-02, Sept. 20, 2010.
    \3\ Section 1061(a)(2) of the Act defines the terms ``transferor 
agency'' and ``transferor agencies'' to mean, respectively, ``(A) 
the Board of Governors (and any Federal Reserve Bank, as context 
requires), the Federal Deposit Insurance Corporation, the Federal 
Trade Commission, the National Credit Union Administration, the 
Office of the Comptroller of the Currency, the Office of Thrift 
Supervision, and the Department of Housing and Urban Development, 
and the heads of those agencies, and (B) the agencies listed in 
subparagraph (A) collectively.''
    \4\ ``Enumerated consumer laws'' is defined in section 1002(12) 
of the Act and section 1400(b) of the Mortgage Reform and Anti-
Predatory Lending Act, Tit. XIV, Public Law 111-203.
    \5\ These rules are listed as items 1 and 5 through 11 in 
section F (``Federal Trade Commission'') of the list below.
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    Section 1063(i) of the Act provides that, not later than the 
designated transfer date, the CFPB ``(1) shall, after consultation with 
the head of each transferor agency, identify the rules and orders that 
will be enforced by the Bureau; and (2) shall publish a list of such 
rules and orders in the Federal Register.'' The CFPB has consulted with 
each transferor agency pursuant to section 1063(i) and has developed a 
list of rules for which it seeks public comment.\6\ After consultation, 
neither the transferor agencies nor the CFPB have identified any orders 
for inclusion in the list. After considering any public comments, the 
CFPB will publish a final list in the Federal Register not later than 
the designated transfer date.
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    \6\ Section 1066 of the Act grants the Secretary of the Treasury 
interim authority to perform certain functions of the CFPB. Pursuant 
to that authority, Treasury publishes this notice on behalf of the 
CFPB.
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    The CFPB's enforcement authority is defined by the Act and other 
applicable law. As a result, the list required by section 1063(i) will 
not have a substantive effect on any rules or orders or the parties who 
may be subject to them; it will merely provide a convenient reference 
source. Accordingly, the inclusion or exclusion of any rule or order 
would not alter the CFPB's authority. In addition, section 1063(i) does 
not require the CFPB to update, correct, or otherwise maintain the 
final list. Because the list under section 1063(i) reflects the CFPB's 
interpretation of its authority under the Act and relates to agency 
organization, procedure, or practice, the list is not subject to the 
notice-and-comment requirements of the Administrative Procedure Act 
(``APA'') (5 U.S.C. 551 et seq).\7\ Nevertheless, the Bureau invites 
public comment during a thirty-day period.
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    \7\ Because publication of the list under section 1063(i) is not 
subject to the APA's notice-and-comment requirements, an initial 
regulatory flexibility analysis is not required under the Regulatory 
Flexibility Act (5 U.S.C. 601 et seq.).
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    Accordingly, pursuant to section 1063(i), the CFPB invites public 
comment on the following list of rules that will be enforceable by the 
CFPB subject to the limitations and other provisions of the Act:\8\
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    \8\ Unless otherwise noted, all references to a Part include 
accompanying appendices and supplements.
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A. Board of Governors of the Federal Reserve

    1. 12 CFR Part 202--Equal Credit Opportunity Act (Regulation B)
    2. 12 CFR Part 203--Home Mortgage Disclosure (Regulation C)
    3. 12 CFR Part 205--Electronic Fund Transfers (Regulation E)
    4. 12 CFR 208.101-105 & Appendix A to Subpart I--Registration of 
Residential Mortgage Loan Originators (Regulation H, Subpart I)
    5. 12 CFR Part 213--Consumer Leasing (Regulation M)
    6. 12 CFR Part 216--Privacy of Consumer Financial Information 
(Regulation P)
    7. 12 CFR Part 222--Fair Credit Reporting (Regulation V), except 
with

[[Page 31223]]

respect to Sec. Sec.  222.1(c) (effective dates), 222.83 (Disposal of 
consumer information), 222.90 (Duties regarding the detection, 
prevention, and mitigation of identity theft), 222.91 (Duties of card 
issuers regarding changes of address), & Appendix J (Interagency 
Guidelines on Identity Theft Detection, Prevention, and Mitigation)
    8. 12 CFR Part 226--Truth in Lending (Regulation Z)
    9. 12 CFR Part 230--Truth in Savings (Regulation DD)

B. Federal Deposit Insurance Corporation

    1. 12 CFR Part 332--Privacy of Consumer Financial Information
    2. 12 CFR Part 334--Fair Credit Reporting, except with respect to 
Sec. Sec.  334.83 (Disposal of consumer information), 334.90 (Duties 
regarding the detection, prevention, and mitigation of identity theft), 
334.91 (Duties of card issuers regarding changes of address), & 
Appendix J (Interagency Guidelines on Identity Theft Detection, 
Prevention, and Mitigation)
    3. 12 CFR 365.101-.105 & Appendix A to Subpart B--Registration of 
Residential Mortgage Loan Originators

C. Office of the Comptroller of the Currency

    1. 12 CFR 34.20-.25--Adjustable-Rate Mortgages (but only as applied 
to non-federally chartered housing creditors under the Alternative 
Mortgage Transaction Parity Act (``AMTPA''))
    2. 12 CFR 34.101-.105 & Appendix A to Subpart F--Registration of 
Residential Mortgage Loan Originators
    3. 12 CFR Part 40--Privacy of Consumer Financial Information
    4. 12 CFR Part 41--Fair Credit Reporting, except with respect to 
Sec. Sec.  41.83 (Disposal of consumer information), 41.90 (Duties 
regarding the detection, prevention, and mitigation of identity theft), 
41.91 (Duties of card issuers regarding changes of address), & Appendix 
J (Interagency Guidelines on Identity Theft Detection, Prevention, and 
Mitigation)

D. Office of Thrift Supervision

    1. 12 CFR 560.35--Adjustments to home loans (but only as applied to 
non-federally chartered housing creditors under AMTPA)
    2. 12 CFR 560.210-220--Alternative Mortgage Transactions (but only 
as it relates to AMTPA)
    3. 12 CFR 563.101-.105 & Appendix A to Subpart D--Registration of 
Residential Mortgage Loan Originators
    4. 12 CFR Part 571--Fair Credit Reporting, except with respect to 
Sec. Sec.  571.83 (Disposal of consumer information), 571.90 (Duties 
regarding the detection, prevention, and mitigation of identity theft), 
571.91 (Duties of card issuers regarding change of address), & Appendix 
J (Interagency Guidelines on Identity Theft Detection, Prevention, and 
Mitigation)
    5. 12 CFR Part 573--Privacy of Consumer Financial Information

E. National Credit Union Administration

    1. 12 CFR 701.21--Loans to members and lines of credit to members 
(but only as applied to non-federally chartered housing creditors under 
AMTPA)
    2. 12 CFR Part 707--Truth in Savings
    3. 12 CFR Part 716--Privacy of Consumer Financial Information
    4. 12 CFR Part 717--Fair Credit Reporting, except with respect to 
Sec. Sec.  717.83 (Disposal of consumer information), 717.90 (Duties 
regarding the detection, prevention, and mitigation of identity theft), 
717.91 (Duties of card issuers regarding changes of address), & 
Appendix J (Interagency Guidelines on Identity Theft Detection, 
Prevention, and Mitigation)
    5. 12 CFR Part 741--Requirements for Insurance, but only with 
respect to Sec. Sec.  741.217 (Truth in savings), 741.220 (Privacy of 
consumer financial information), & 741.223 (Registration of residential 
mortgage loan originators)
    6. 12 CFR Part 761--Registration of Mortgage Loan Originators

F. Federal Trade Commission

    1. 16 CFR Part 310--Telemarketing Sales Rule
    2. 16 CFR Part 313--Privacy of Consumer Financial Information
    3. 16 CFR Part 320--Disclosure Requirements for Depository 
Institutions Lacking Federal Depository Insurance
    4. 16 CFR Part 322--Mortgage Assistance Relief Services
    5. 16 CFR Part 425--Use of Prenotification Negative Option Plans
    6. 16 CFR Part 429--Rule Concerning Cooling-Off Period for Sales 
Made at Homes or at Certain Other Locations
    7. 16 CFR Part 433--Preservation of Consumers' Claims and Defenses
    8. 16 CFR Part 444--Credit Practices
    9. 16 CFR Part 435--Mail or Telephone Order Merchandise
    10. 16 CFR Part 436--Disclosure Requirements and Prohibitions 
Concerning Franchising
    11. 16 CFR Part 437--Disclosure Requirements and Prohibitions 
Concerning Business Opportunities
    12. 16 CFR Subchapter F, Parts 603 et seq.--Fair Credit Reporting 
Act, except with respect to Part 681 (Identity Theft Rules), Part 682 
(Disposal of Consumer Report Information and Records), & Appendix A to 
Part 681 (Interagency Guidelines on Identity Theft Detection, 
Prevention, and Mitigation)
    13. 16 CFR Part 901--Procedures for State Application for Exemption 
from the Provisions of the [Fair Debt Collection Practices] Act

G. Department of Housing and Urban Development

    1. 24 CFR 26.28-.56--Hearing Procedures Pursuant to the 
Administrative Procedure Act
    2. 24 CFR Part 30--Civil Money Penalties: Certain Prohibited 
Conduct (but only as applied to the Real Estate Settlement Procedures 
Act of 1974 (``RESPA'') and the Interstate Land Sales Full Disclosure 
Act (``ILSA''))
    3. 24 CFR Part 1710--Land Registration
    4. 24 CFR Part 1715--Purchasers' Revocation Rights, Sales 
Practices, and Standards
    5. 24 CFR Part 1720--Formal Procedures and Rules of Practice
    6. 24 CFR Part 3500--Real Estate Settlement Procedures Act
    7. 24 CFR Part 3800--Investigations in Consumer Regulatory Programs 
(but only as applied to RESPA and ILSA)

    Dated: May 23, 2011.
Rebecca Ewing,
Acting Executive Secretary, U.S. Department of the Treasury.
[FR Doc. 2011-13256 Filed 5-27-11; 8:45 am]
BILLING CODE 4810-25-P