There were no changes last month affecting material in the Federal Reserve Regulatory Service.

The Board is inviting public comment on a policy statement on the framework that the Board will follow in setting the amount of the U.S. countercyclical capital buffer for advanced approaches bank holding companies, savings and loan holding companies, and state member banks under the Board’s Regulation Q (12 CFR part 217). Comments on this notice of proposed rulemaking must be received by March 21, 2016 (Docket R-1529).

The Board is proposing to repeal its Regulation C, which was issued to implement the Home Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including HMDA, from the Board to the Consumer Financial Protection Bureau (CFPB). In December 2011, the CFPB published an interim final rule establishing its own Regulation C to implement HMDA, which substantially duplicated the Board’s Regulation C. In October 2015, the CFPB finalized the interim final rule and expanded and revised its Regulation C, pursuant to the Dodd-Frank Act.

HMDA requires covered financial institutions to collect and report loan data in connection with residential mortgage applications and loans. Although the Board retains authority to issue some consumer financial protection rules, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the CFPB. Accordingly, the Board is proposing to repeal its Regulation C and the Official Staff Commentary that accompanies the regulation. Comments on this notice of proposed rulemaking must be received by April 27, 2016 (Docket R-1532).