MPS will keep you up to date on what’s going on with regards to this important new federal agency. The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for a number of consumer financial protection laws from seven federal agencies to the Consumer Financial Protection Bureau (CFPB). As part of this transition, the CFPB currently made non-substantive changes to the following regulations and published interim final rules for public comment:

• Fair Debt Collection Practices Act (Regulation F)
• Mortgage Acts and Practices-Advertising (Regulation N)
• Mortgage Assistance Relief Services (Regulation O)
• S.A.F.E. Mortgage Licensing Act (Regulations G & H)
• Consumer Leasing (Regulation M)
• Home Mortgage Disclosure (Regulation C)
• Real Estate Settlement Procedures Act (Regulation X)
• Equal Credit Opportunity (Regulation B)
• Fair Credit Reporting (Regulation V)
• Interstate Land Sales Registration Program (Regulations J, K, and L)
• Privacy of Consumer Financial Information (Regulation P)
• Truth in Savings (Regulation DD)

The CFPB has asked the public to identify provisions of these inherited regulations that it should make the highest priority for updating, modifying or eliminating because they are outdated, unduly burdensome or unnecessary. Now is your chance to comment on rules that may have been problematic for you forever! Don’t miss your chance. If you or your organization would like to comment on these rules, you have until February 14 and February 21, 2012, depending on the rule. Please contact MPS if you would like to comment on these rules or if you have any questions. You can also visit the CFPB website at www.consumerfinance.gov