CFPB Finalizes Shift of Authority over Consumer Financial Protection
The Consumer Financial Protection Bureau ("CFPB") adopted the interim final rules published in December 2011 ("IFRs") that shifted rulemaking authority for several consumer financial protection laws from seven federal agencies to the CFPB as final rules pursuant to the Dodd-Frank Act, Title X.
The CFPB noted that the December 2011 IFRs will be finalized without any further changes at the current time.
The final rules will become effective on April 28, 2016.