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Financial Services Law Insights and Observations

Federal Reserve Repeals Reg C and Amends Reg M to Reflect CFPB Rulemaking Authority

Agency Rule-Making & Guidance Federal Reserve Regulation C Consumer Leasing Act

Agency Rule-Making & Guidance

The Federal Reserve Board (Fed) issued a final rule on December 22 to repeal Regulation C, Home Mortgage Disclosure (HMDA), and a proposed rule to amend Regulation M, Consumer Leasing Act (CLA) to reflect the transfer of certain rulemaking authority to the CFPB. Regulation C is being repealed because the CFPB has issued its own final HMDA rules (previously covered by InfoBytes here) that supersede the Fed’s version. The proposed amendments to Regulation M implement the Dodd-Frank Act’s provisions on transferring CLA rulemaking authority to the CFPB, with the exception of retaining the Fed’s authority to issue rules for motor vehicle dealers that are predominantly engaged in the sale/leasing and servicing of motor vehicles and are not otherwise subject to the CFPB’s regulatory authority.

The repeal of Regulation C is effective 30 days after publication in the Federal Register. Comments on the proposed amendments to Regulation M are due by March 52018.