FRB Requests Comments on Proposals to Amend and Repeal Certain Regulations

The Board of Governors of the Federal Reserve System ("FRB" or the "Board") announced that it is requesting comments on proposals to repeal Regulation DD ("Truth in Savings") and Regulation P ("Privacy of Consumer Financial Information"), as well as amendments to the Identity Theft Red Flags rule in Regulation V ("Fair Credit Reporting").

The FRB explained that Dodd-Frank transferred rulemaking authority for a number of consumer financial protection laws from the Board to the Bureau of Consumer Financial Protection ("CFPB"). Because the CFPB has already issued interim final rules that are substantially identical to the FRB's Regulation DD and Regulation P, the FRB proposes to repeal its versions of those regulations. Additionally, the FRB is seeking comment on proposed amendments to provisions of Regulation V that require financial institutions and creditors to implement identity theft prevention programs. The proposal would revise the rule to reflect legislation that amended the Fair Credit Reporting Act ("FCRA") to clarify that these provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business.

The FRB stated that comments on the proposals must be submitted within 60 days from the date of their publication, which is expected shortly, in the Federal Register.