This story appeared in Bank Digest.
Under the Dodd-Frank Act, rulemaking authority for a number of consumer financial protection laws was transferred from the FTC to the Consumer Financial Protection Bureau. As a result, the Commission is rescinding the following rules under the Fair Credit Reporting Act:
- identity theft definitions;
- free annual file disclosures rule;
- prohibition against circumventing treatment as a nationwide consumer reporting agency;
- duration of active duty alerts; and
- appropriate proof of identity.
In addition, the FTC is rescinding two rules addressing mortgage advertising and mortgage assistance relief services under the 2009 Omnibus Appropriations Act:
- mortgage acts and practices-advertising rule; and
- mortgage assistance relief services rule.
The rules governing disclosure requirements for depository institutions lacking federal deposit insurance under the Federal Deposit Insurance Corporation Improvement Act and procedures for state application for exemption from the provisions of the Federal Debt Collection Practices Act also are being rescinded. These rules have been republished by the CFPB.