Transmittal Archive

The Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending Regulation Z, which implements the Truth in Lending Act, to reflect the enactment of the Adjustable Interest Rate (LIBOR) Act (LIBOR Act) and its implementing regulation promulgated by the Board (see Regulation ZZ). More... This interim final rule further addresses the planned cessation of most U.S. dollar (USD) LIBOR tenors after June 30, 2023, by incorporating the Board-selected benchmark replacement for consumer loans into Regulation Z. This interim final rule conforms the terminology from the LIBOR Act and the Board’s implementing regulation into relevant Regulation Z open-end and closed-end credit provisions and also addresses treatment of the 12-month USD LIBOR index and its replacement index, including permitting creditors to use alternative language in change-in-terms notice content requirements for situations where the 12-month tenor of the LIBOR index is being replaced consistent with the LIBOR Act. The interim final rule is effective May 15, 2023 (Consumer Financial Protection Bureau, CFPB’s Regulation Z, Docket CFPB-2023-0030) and was published in the Federal Register on May 11, 2023.

The Board is updating its Rules Regarding Delegation of Authority to add delegations of authority previously approved by the Board and make certain technical corrections. More... The final rule is effective May 22, 2023 (Rules Regarding Delegation of Authority, Docket R-1778), the same day it was published in the Federal Register.

The Board is amending Regulation II to specify that the requirement that each debit card transaction must be able to be processed on at least two unaffiliated payment card networks applies to card-not-present transactions, clarify the requirement that debit card issuers ensure that at least two unaffiliated networks have been enabled to process a debit card transaction, and standardize and clarify the use of certain terminology. More... The final rule is effective July 1, 2023 (Regulation II, Docket R-1748) and was published in the Federal Register on October 11, 2022.