A new wave of interim final rules have been issued by the Consumer Financial Protection Bureau that are expected to be followed by many more CFPB regulations.
The interim final rules published on Friday transfer the rulemaking authority previously held by the Federal Trade Commission to the CFPB and copy existing regulations with only technical, formatting and stylistic modifications, according to ConsumerFinanceLawBlog.com.
In order to prevent duplicative enforcement efforts, the CFPB issued proposed Regulation F on the Fair Debt Collection Practices Act. The purpose is to cut abusive debt collection practices by debt collectors and promote consistent state action to protect consumers. According to the CFPB’s language, states may apply to the bureau for an exemption under Regulation F if certain debt collection practices are held to “substantially similar” state law.
The proposed Regulation I addresses the disclosure requirements for depository institutions that are exempt from maintaining federal deposit insurance with the FDIC, according to ConsumerFinanceLawBlog.com.
Regulations N and O modify mortgage acts and practices in order to target unfair or deceptive businesses regarding mortgage loans, loan modifications and foreclosure rescue services.
Each interim final rule is effective on December 30. Businesses that anticipate an impact from any of the interim final rules are expected to submit comments before the deadline on February 14. None of the proposed regulations impose any new substantive obligations on regulated entities.