CFPB Announces NCUA Rules Transferring to New Agency
June 7, 2011 - In a recent Federal Register notice, the new Consumer Financial Protection Bureau identified the rules for transfer over to the agency on July 21. The public has until June 30, 2011 to provide comments.
Regarding the National Credit Union Administration, six different regulations are slated to be moved over under the CFPB’s jurisdiction. They are as follows:
- 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)
- 12 CFR Part 707—Truth in Savings
- 12 CFR Part 716—Privacy of Consumer Financial Information
- 12 CFR Part 717—Fair Credit Reporting, except with respect to §§ 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)
- 12 CFR Part 741—Requirements for Insurance, but only with respect to §§ 741.217 (Truth in Savings), 741.220 (Privacy of consumer financial information), & 741.223 (Registration of residential mortgage loan originators)
- 12 CFR Part 761—Registration of Mortgage Loan Originators
Other regulations of note moving to the CFPB are several from the Federal Reserve, including Regulation Z, Truth in Lending. To view the full notice for comments, follow this link.