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CFPB Report: 2015-SR-X-009 June 1, 2015

Coordination of Responsibilities Among the Consumer Financial Protection Bureau and the Prudential RegulatorsóLimited Scope Review

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Attachment 1

Agencies’ Responsibilities for Assessing Compliance of Very Large Banks, Savings Associations, and Credit Unions

CFPB.  For Very Large insured depository institutions and credit unions, the Dodd-Frank Act transferred to the CFPB the responsibility for assessing compliance with the following Federal consumer financial laws:

  • Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. § 3801 et seq.) 
  • Consumer Leasing Act of 1976 (15 U.S.C. § 1667 et seq.) 
  • Electronic Fund Transfer Act (15 U.S.C. § 1693 et seq.), except with respect to section 920 of that Act 
  • Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.) 
  • Fair Credit Billing Act (15 U.S.C. § 1666 et seq.)
  • Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.), except with respect to sections 615(e) and 628 of that Act (15 U.S.C. § 1681m(e), 1681w)
  • Home Owners Protection Act of 1998 (12 U.S.C. § 4901 et seq.)
  • Fair Debt Collection Practices Act (15 U.S.C. § 1692 et seq.) 
  • Subsections (b) through (f) of section 43 of the Federal Deposit Insurance Act (12 U.S.C. § 1831t(c)[(b)]–(f)) 
  • Sections 502 through 509 of the Gramm-Leach-Bliley Act (15 U.S.C. §§ 6802–6809) except for section 505 as it applies to section 501(b)
  • Home Mortgage Disclosure Act of 1975 (12 U.S.C. § 2801 et seq.) 
  • Home Ownership and Equity Protection Act of 1994 (15 U.S.C. § 1601 note)
  • Real Estate Settlement Procedures Act of 1974 (12 U.S.C. § 2601 et seq.) 
  • S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. § 5101 et seq.)
  • Truth in Lending Act (15 U.S.C. § 1601 et seq.) 
  • Truth in Savings Act (12 U.S.C. § 4301 et seq.) 
  • Section 626 of the Omnibus Appropriations Act, 2009 (Public Law 111–8)
  • Interstate Land Sales Full Disclosure Act (15 U.S.C. § 1701)

Prudential Regulators.The prudential regulators retained responsibility for ensuring compliance by Very Large depository institutions and/or credit unions with several laws or areas of law related to consumer protection, including the following: 

  • Community Reinvestment Act (CRA) (12 U.S.C. § 2901 et seq.); CRA Sunshine (12 U.S.C. § 1831y) 
  • Fair Housing Act (42 U.S.C. § 3601 et seq.) 
  • Fair Credit Reporting Act sections 615(e) (identity theft red flags) and 628 (records disposal) Availability of Funds and Collection of Checks (Regulation CC, 12 C.F.R. Part 229) 
  • Section 5 of the Federal Trade Commission Act (15 U.S.C. § 45) 
  • National Flood Insurance Act (42 U.S.C. § 4011) 
  • Protecting Tenants at Foreclosure Act (Title VII of Public Law 111-22)
  • Home Ownership Counseling (under HUD authority), (12 U.S.C. § 1701x) 
  • Advertising of FDIC Membership (prescribing use of official FDIC logo and statement on FDIC membership and restricting use in advertisement of non-deposit products such as insurance products (12 C.F.R. Part 328) 
  • Servicemembers Civil Relief Act and Talent Amendment (50 U.S.C. App. §§ 501-597b)
  • Military Lending Act (formerly the Talent Amendment) (10 U.S.C. § 987); Limitations on Terms of Consumer Credit Extended to Service Members and Dependents (32 C.F.R. Part 232)16 
  • Section 19 of the Federal Reserve Act (12 U.S.C. § 461) (Reserve Requirements of Depository Institutions)
  • Right to Financial Privacy Act (12 U.S.C. § 3401 et seq.) 
  • Notice of Branch Closure (12 U.S.C. § 1831r-1) 
  • Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (12 U.S.C. 1835a); Prohibition Against Use of Interstate Branches Primarily for Deposit Production (12 C.F.R. Part 369)
  • Government Securities Act of 1986 (Public Law 99-571) 
  • Exemptions and Definitions Related to the Exceptions for Banks from the Definition of Broker (Regulation R, 17 C.F.R. Part 247) 
  • Internet/electronic banking/electronic marketing Acts, such as
    • Children’s Online Privacy Protection Act of 1998 (15 U.S.C. §§ 6501-6505); 
    • Controlling the Assault of Non-solicited Pornography and Marketing Act of 2003 (15 U.S.C. § 7701 et seq.);
    • Telephone Consumer Protection Act of 1991 (47 U.S.C. § 227); and 
    • Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7001 et seq.)
  • 16. The Dodd-Frank Act did not amend this law, so it is not a law that “transferred” to the CFPB under the Dodd-Frank Act. However, the CFPB also has enforcement authority under this law (10 U.S.C. § 987(f)(6)). Return to text