This PDF is the current document as it appeared on Public Inspection on 10/29/2014 at 08:45 am.
Board of Governors of the Federal Reserve System.
The Board of Governors of the Federal Reserve System (Board) is repealing its Rules of Organization and Procedure of the Consumer Advisory Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the requirement in section 703 of the Equal Credit Opportunity Act that the Board establish and operate the Consumer Advisory Council (CAC). Consequently, the Board no longer maintains a CAC and the rules of organization and procedure are no longer necessary.
The final rule is effective October 30, 2014.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Mandie K. Aubrey, Counsel, Division of Consumer and Community Affairs, at (202) 452-3667, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869.End Further Info End Preamble Start Supplemental Information
In 1976, the Equal Credit Opportunity Act (ECOA) was amended to require the Board to establish a Consumer Advisory Council (CAC) to consult with the Board and provide advice on consumer related matters. Subsequently, the Board published Rules of Organization and Procedure describing the purposes and objectives of the CAC, governing the appointment of CAC members and Start Printed Page 64504officers, and establishing procedures for conducting CAC meetings.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)  transferred rulemaking authority for most consumer financial protection laws from the Board and other agencies to the Consumer Financial Protection Bureau (CFPB). The Dodd-Frank Act also repealed the requirement in section 703 of ECOA that the Board establish and operate the CAC  and instead required the CFPB to establish a Consumer Advisory Board that would provide the CFPB with the type advice that the CAC formerly provided to the Board. Consequently, the Board no longer maintains a CAC, and the Rules of Organization and Procedure of the Consumer Advisory Council are no longer necessary.
Accordingly, the Board is repealing its Rules of Organization and Procedure of the Consumer Advisory Council.
II. Administrative Procedure Act
This rule is not subject to the provisions of the Administrative Procedure Act (APA), 5 U.S.C. 553, requiring notice, public participation, and a deferred effective date. The APA's notice and comment procedures do not apply to rules of agency organization, procedure, or practice, such as the rules adopted by the Board for the operation of the CAC.Start List of Subjects
List of Subjects in 12 CFR Part 267
- Consumer protection
- Organization and functions (Government agencies)
Authority and IssuanceStart Amendment PartEnd Amendment Part Start Part
PART 267—[REMOVED AND RESERVED]End Part Start Signature
By order of the Board of Governors of the Federal Reserve System, October 23, 2014.
Robert deV. Frierson,
Secretary of the Board.
3. Section 1085 of the Dodd-Frank Act.Back to Citation
4. Section 1014 of the Dodd-Frank Act.Back to Citation
[FR Doc. 2014-25661 Filed 10-29-14; 8:45 am]
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