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Consumer Financial Protection Bureau issues four interim final rules

The newly operational Consumer Financial Protection Bureau issued four interim final rules establishing operational procedures for the bureau.

The rules went into effect on July 28 and are available for comments until September 26.

The CFPB’s adjudication proceedings interim rule is similar to existing Federal Trade Commission and Securities and Exchange Commission’s practices. It is modeled on uniform rules and procedures for administrative hearings adopted by prudential regulators, according to the National Association of Federal Credit Unions. The bureau is seeking comments on whether the rule should also address matters such as the issuance of temporary cease-and-desist proceedings under the Dodd-Frank Act.

Another interim rule establishes the Bureau’s procedures for making disclosures under the Freedom of Information Act and the Privacy Act.

The rule establishing the Bureau’s investigation procedures is based on the FTC’s nonadjudicative procedures, according to the National Association of Federal Credit Unions. The rule sets the CFPB’s authority to conduct investigations and determines the rights of those receiving demands for information in the investigations.

An interim rule that specifies the procedures for state officials such as attorney generals was issued as well. It would require state officials to notify the bureau of actions or proceedings they undertake to ensure that the Bureau is aware of actions being initiated under Title X of the Dodd-Frank Act and that the law insbeing enforced consistently and efficiently, according to NationalMortgageProfessional.com.

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