In nod to consumer bureau’s actions, Fed repeals one rule, proposes revising another

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protection rulewriting authority to the federal consumer protection agency, the Federal Reserve said Monday it had repealed one regulation, and is proposing to revise a second.

The Fed said it is publishing a final rule to repeal its Regulation C (Home Mortgage Disclosure), which has been superseded by new, final rules issued by the Consumer Financial Protection Bureau (CFPB).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.”

Federal Reserve Board repeals Regulation C and seeks public comment on proposal to revise Regulation M