Fed repeals its Reg C and proposes Reg M change

The Board of Governors of the Federal Reserve System has issued a final rule repealing its Regulation C, 12 CFR Part 203, effective 30 days after Federal Register publication. This was a housekeeping move, since authority for all rulemaking under the Home Mortgage Disclosure Act was passed to the CFPB under the Dodd-Frank Act.

UPDATE: Published on 12/22/2017. Will be effective 1/22/2018.

The Board also issued a proposed rule that would amend the Board's Regulation M, which implements the Consumer Leasing Act (CLA). Prior to enactment of the Dodd-Frank Act, the Board's Regulation M was the sole implementing regulation for the CLA. The Dodd-Frank Act transferred rulemaking authority under the CLA to the CFPB, with the exception of rules applicable to certain motor vehicle dealers. The Board's proposal would clarify the scope of the Board's Regulation M. Comments on this proposal are due within 60 days from Federal Register publication. UPDATE: Published on 1/3/2018. Comments due by 3/5/2018.