CFPB Stakes Out Turf
Section 1063(i) of the Consumer Financial Protection Act of 2010 (“Act”), which is otherwise known as Title X of the Dodd-Frank Act, requires the Bureau of Consumer Financial Protection to publish in the Federal Register a list of the rules and orders that will be enforced by the CFPB. The CFPB has published a notice that sets forth a list for public comment. A final list will be published not later than the date designated for the transfer of power to the CFPB, which is July 21, 2011.
The CFPB’s enforcement authority is defined by the Act and other applicable law. As a result, the list required by Section 1063(i) will not have a substantive effect on any rules or orders or the parties who may be subject to them; it will merely provide a convenient reference source. Accordingly, the inclusion or exclusion of any rule or order would not alter the CFPB’s authority. In addition, Section 1063(i) does not require the CFPB to update, correct, or otherwise maintain the final list.
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Contact Steve Quinlivan for more information.