In today’s Federal Register (75 FR 57252) the Secretary of the Treasury published notice that pursuant to Section 1062 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), July 21, 2011 is the Designated Transfer Date for the transfer of all of the consumer financial protection functions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development (as to HUD, this transfer only relates to RESPA, the SAFE Act, and the Interstate Land Sales Full Disclosure Act). Under the Dodd-Frank Act, the term “consumer financial protection functions” is defined as “(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and (B) the examination authority [specified in the Dodd-Frank Act].” For more information about what this will mean, we advise you to read the text of the Notice issued by the Secretary of the Treasury, which may be accessed athttp://edocket.access.gpo.gov/2010/pdf/2010-23487.pdf.
