The Consumer Financial Protection Bureau (CFPB) plans to make limited amendments to five rules to reflect a recent organizational restructuring within the agency. The reorganization will include splitting the bureau’s enforcement arm and its supervision arm into separate divisions.
The CFPB’s Division of Supervision, Enforcement, and Fair Lending has been replaced by two divisions – the Supervision Division and the Enforcement Division, according to a notice published in the Federal Register.
The CFPB is transferring certain responsibilities under Sec. 1070 of the Dodd-Frank Act. These responsibilities relate to the disclosure of confidential supervisory information, from the associate director of the former division to the supervision director as head of the supervision division. The CFPB is also updating certain verbiage across all five rules to reflect the establishment of the separate divisions.
As a rule of agency organization, procedure, or practice, the CFPB stated the new rule is exempt from the notice-and-comment rulemaking requirements of the Administrative Procedure Act.
The CFPB also noted it has determined the rule will not impose any new or revised requirements for recordkeeping, reporting, or disclosure for covered entities or members of the public subject to approval by the Office of Management and Budget under the Paperwork Reduction Act.