Federal Reserve System February 22, 2016 – Federal Register Recent Federal Regulation Documents

The Board of Governors of the Federal Reserve System (Board) is proposing to repeal its Regulation C, which was issued to implement the Home Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including HMDA, from the Board to the Bureau of Consumer Financial Protection (Bureau). In December 2011, the Bureau published an interim final rule establishing its own Regulation C to implement HMDA, which substantially duplicated the Board's Regulation C. In October 2015, the Bureau finalized the interim final rule and expanded and revised its Regulation C, pursuant to the Dodd-Frank Act. HMDA requires covered financial institutions to collect and report loan data in connection with residential mortgage applications and loans. Although the Board retains authority to issue some consumer financial protection rules, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the Bureau. Accordingly, the Board is proposing to repeal its Regulation C and the Official Staff Commentary that accompanies the regulation.