The CFPB recently published a final rule making non-substantive updates to various federal regulations. The rule updates the CFPB’s, and other agencies’, contact information (e.g., mailing address, phone numbers, and websites) that is written into regulatory text or related commentary for regulations for which the CFPB has rulemaking authority. In some cases, this update will have implications for federal forms provided by DocMagic.
The rule updates Regulation B, section 1002.9, to remove an obsolete reference and updates the contact information for the CFPB, Federal Trade Commission, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, Department of Transportation, Surface Transportation Board, USDA-Agricultural Marketing Service, Small Business Administration, and the Securities and Exchange Commission in Appendix A which is used in adverse action notices required under Regulation B. The rule also updates Appendix D information for where to send requests for official interpretation of Regulation B.
The rule makes similar updates to Regulations DD, E, F, and J, as well as to Regulation V. Appendix K to Regulation V includes a model disclosure for the Summary of Consumer Rights (DocMagic Form ID: SYRUFCRA.MSC), which lists the contact information for various federal agencies. The final rule updates that contact information part of that disclosure.
The rule also makes updates to Regulations X and Z. Various provisions of Regulations X and Z include contact information whereby someone may request official interpretations of provisions, public guidance documents, determination of the effect of state law or exemption and to request tables containing actuarial equations for calculating the annual percentage rate. The rule makes updates to that contact information throughout the regulations. In the case of tables for calculating the annual percentage rate, the appendix to Regulation Z is also being updated to post the website where that information may now be found.
The final rule is effective April 19, 2023; however, the updated information for adverse action forms under Appendix A of Regulation B and for the Summary of Consumer Rights under Regulation V, compliance will not be mandatory until March 20, 2024. DocMagic will provide more information regarding the update of all applicable forms in a future announcement.
