Consumer Financial Protection Bureau Ready to Help Consumers On Day 1

• A final list of the regulations of the transferor agencies that will be enforceable by the CFPB, as required by Section 1063(i) of the Dodd-Frank Act.
• A series of interim rules to create records and information procedures. These include rules to implement the Privacy Act and the Freedom of Information Act, and to establish a process by which parties may seek testimony or records from the CFPB for use in litigation. Also included are confidentiality rules, required by the Dodd-Frank Act, describing how the CFPB will treat information it obtains.
• An interim rule, implementing Section 1052 of the Dodd-Frank Act, concerning the CFPB’s conduct of investigations of potential violations of any provision of federal consumer financial law. The rule includes procedures for issuing civil investigative demands for information and responding to such demands. This rule is based on similar rules issued by the prudential regulators, the Federal Trade Commission, and the Securities and Exchange Commission. The Bureau also intends to establish and make public procedures that will typically allow companies and individuals against whom it intends to bring charges to comment on those proposed charges before they are filed.
• An interim rule providing for a fair and expeditious process for the resolution of administrative enforcement actions, as required by Section 1053(e) of the Dodd-Frank Act. The rule sets forth procedures for the CFPB to conduct administrative enforcement proceedings. These procedures govern the filing of administrative charges, pre-hearing procedures, the conduct of hearings, the entry and appeal of recommended decisions, and final decisions and orders of the CFPB. This rule is based on similar rules of practice issued by the prudential regulators, the Federal Trade Commission, and the Securities and Exchange Commission.
• An interim rule specifying procedures for state officials – such as attorneys general – to notify the CFPB of actions or proceedings they undertake to enforce Title X of the Dodd-Frank Act, as required by Section 1042(c) of the Act. This rule will help to ensure that the CFPB is aware of actions being initiated under Title X and that the law is being enforced in a consistent and efficient manner.  

• A report examining the differences between credit scores sold to consumers and scores used by lenders to make credit decisions. The report covers the process of developing credit scoring models, why different scoring models may produce different scores for the same consumer, how different scoring models are used by creditors in the marketplace, what credit scores are available to consumers for purchase, and ways that differences between the scores provided to creditors and those provided to consumers may disadvantage consumers. The report is required by Section 1078(b) of the Dodd-Frank Act.
• A report that recommends principles for maximizing transparency and disclosure of exchange rate information for consumers making remittance transfers, and examines the incentives and challenges related to using remittance data in credit scores. The report is required by Section 1073(e) of the Dodd-Frank Act.
• A report on three plans pertaining to the CFPB staff: (1) a training and workforce development plan, including an identification of skill and technical expertise needs, a description of the steps taken to foster innovation and creativity, and a leadership development and succession plan; (2) a workplace flexibilities plan covering items such as telework, flexible work schedules, and parental leave benefits; and (3) a recruitment and retention plan that includes provisions on targeting highly qualified applicant pools with diverse backgrounds, streamlined employment application processes, and the collection of information to measure indicators of hiring effectiveness. The report is required by Section 1067(b) of the Dodd-Frank Act.