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1.5.3.4.1 Introduction

On December 8, 2004, the FRB issued an advance notice of proposed rulemaking.243 This notice signaled the beginning of the FRB’s most systematic review of Regulation Z since 1980.244 The first phase produced final rules governing open-end credit with an emphasis on credit card transactions.245 The second phase addressed closed-end credit.246 Although the FRB issued some proposed rules as part of this phase, the Dodd-Frank Act transferred authority over Regulation Z to the CFPB before any of the FRB’s proposals were finalized. The FRB also issued proposed rules governing home equity lines of credit (HELOCs), but they were never finalized.247 HELOCs are discussed in detail at Chapter 8, infra. In 2008, the FRB adopted two rules prohibiting certain unfair and deceptive practices in mortgage loans.248

The CFPB’s rulemaking under the authority transferred to it by the Dodd-Frank Act is summarized at § 1.3.3, supra.

Footnotes

  • 243 {208} 69 Fed. Reg. 70,925 (Dec. 8, 2004).

  • 244 {209} Id. at 70,926.

  • 245 {210} 74 Fed. Reg. 5244 (Jan. 29, 2009). See § 1.5.3.4.2, infra.

  • 246 {211} 74 Fed. Reg. 43,232 (Aug. 26, 2009). See § 1.5.3.4.3, infra.

  • 247 {212} 74 Fed. Reg. 43,428 (Aug. 26, 2009).

  • 248 {213} See § 1.5.3.4.4, infra.