WASHINGTON (7/27/11)--Truth in Savings, mortgage loan originator registration, and the privacy of consumer financial information are among the rules that have been transferred to the oversight of the Consumer Financial Protection Bureau from the National Credit Union Administration since the new agency began its work on July 21, the CFPB noted in a Federal Register
document. The transfer of authority was designated by the Dodd-Frank Wall Street Reform Act. Other rulemaking priorities that the CFPB has taken over from the NCUA include:
*Portions of Fair Credit Reporting rules; *Insurance requirements; *Rules addressing some types of loans and lines of credit that are extended to credit union members, but only as applied to non-federally chartered housing creditors under the Alternative Mortgage Transaction Parity Act (AMTPA).
The Credit Union National Association (CUNA) has said that recent AMTPA changes would only impact a minimal number of state-chartered credit unions. The CFPB has contacted the CEOs of the firms that it now oversees, and has also begun to accept consumer credit card complaints. The agency soon will have the capacity to deal with other issues. A series of interim rules that will cover confidentiality, how testimony of records are made available to the public, and related Privacy Act and Freedom of Information Act requirements will also be issued by the CFPB in the future, and the agency will also detail how its own investigative procedures and administrative enforcements will proceed. Other administrative and internal CFPB matters are also being handled at this time, the CFPB recently said. For the CFPB’s list of new regulatory responsibilities, use the resource link.