CFPB to Receive Authority From Seven Agencies, Will Enforce Rules

The Consumer Financial Protection Bureau, following its transfer date of July 21, will receive authority from seven transferor agencies, many of which currently exercise authority  including enforceable rules over lending procedures and processes.

According to the Dodd-Frank Act, as of the transfer date, the CFPB “shall, after consultation with the head of each transferor agency, identify the rules and orders that will be enforced by the Bureau; and shall publish a list of such rules and orders in the Federal Register.”

Included in those seven transfer agencies are the Federal Reserve Board, Federal Deposit Insurance Corporation, Department of Housing and Urban Development. Under their authorities being transferred, the CFPB will assume authority over home mortgage disclosure (Regulation C) and Truth in Lending (Regulation Z) from the Federal Reserve Board, among other enforceable rules.

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Currently, under Dodd-Frank rule, CFPB has consulted with the transferor agencies and has developed a list of rules for which it seeks public comment. According to the Federal Register, after consultation, neither the transferor agencies nor the CFPB have identified any orders for inclusion in the list. After considering public comments, the CFPB will publish a final list in the Federal Register not later than the designated transfer date.

View the full list of CFPB’s enforceable rules and transferor agencies.

Written by Elizabeth Ecker

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  • This is hardly the picture of the little agency that Ms. Warren is always describing.  The CFPB is beginning to look like the monstrous bureaucratic behemoth which Republicans fear and have attacked.  Perhaps the delay for a recess appointment is a blessing in disguise.  By this maneuvering it is clear that Ms. Warren is completely and irresponsibility misrepresenting what her goals and intentions actually are.
     
    For those of you who are not familiar with the level and cost of personnel hired by the CFPB so far, you should look at them.  It will be a lesson in the massive cost of the alleged few employees that this Bureau has employed and will be employing.  It is startling and this is just the start of something “big.”

  • This is what I have been saying all along. The CFPB will inherit the greatest amount of power any committee ever has had. This government power house shall rule our entire financial system and it will not be limited to mortgage lending and the banking world.I fear what is in store for all of us after July 21st. We think we have seen an enormous amount of rules and regulations shoved down our throats thus far, we have not seen anything yet! The “Financial Regulatory Bill” when past was the tip of the Ice Berg. We the people have been set up for a great big fall and a giant step toward socialism!The cost in operating the bureau will be prohibitive and the future adverse impact the CFPB will have on the American people is going to be unimaginable. John A. Smaldone

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