As the Consumer Financial Protection Bureau (CFPB) finalizes rules on consumer privacy and disclosures, the Federal Reserve moved to withdraw its own rules to make way for the CFPB’s authority. The Federal Reserve noted that CFPB’s rules are “substantially identical” to the Fed’s. The board proposed repealing Regulation DD, which implements the Truth in Savings Act, and Regulation P, which governs the privacy of customer information. The Fed also proposed clarifying Regulation V to apply the Fair Credit Reporting Act only to creditors that regularly extend credit or obtain credit reports as a routine part of business, thus shielding professionals such as doctors and lawyers who allow their customers flexible payment options.
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