The Board of Governors of the Federal Reserve Board ("FRB") repealed Regulation C (Home Mortgage Disclosure) and proposed revising Regulation M (Consumer Leasing).
In accordance with the transference of certain obligations under Dodd-Frank, all authority concerning mortgage disclosures was transferred to the Consumer Financial Protection Bureau ("CFPB"). The FRB repealed Regulation C because it was superseded by rules adopted by the CFPB.
The FRB is also proposing amending Regulation M in order to clarify the scope of covered entities. The amendments will make clear that the FRB's Regulation M applies only to certain motor vehicle dealers that are not subject to CFPB authority. Comments on the proposal will be due 30 days after publication in the Federal Register.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.