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Fed repeals mortgage regulation now managed by CFPB

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Fed repeals mortgage regulation now managed by CFPB

The Federal Reserve Board of Governors says it is repealing a rule relating to residential mortgage data collection because the Consumer Financial Protection Bureau is now in charge of implementing that provision of federal law.

The Fed used the regulation to implement the Home Mortgage Disclosure Act, which requires financial institutions to report data on mortgage loan applications so the public can review whether the institutions are meeting their communities' needs. But the Dodd-Frank law transferred those oversight responsibilities to the CFPB, which finalized a rule on the issue in April 2016.

The Fed's rule will be repealed 30 days after the change is published in the Federal Register. The agency said when it proposed repealing the rule, two commenters supported the move "to avoid confusion and simplify compliance."

Separately, the Fed is proposing to narrow a regulation it uses to implement the Consumer Leasing Act, another law that the CFPB now has purview over. The regulation that came out of the CFPB "substantially duplicates" the Fed's rule, the agency wrote in explaining the revision.

The Fed noted that it still has rule-making authority under the law over some motor vehicle dealers, so the revised rule would "reflect the narrower scope" and apply only to those motor vehicle dealers. The agency will take public comments on the proposed change.