Fed seeks to trim rules overlapping with U.S. consumer bureau

WASHINGTON (Reuters) – The Federal Reserve said on Monday it was eliminating one rule and proposing to pare back another that cover areas already monitored by a U.S. consumer regulator.

The U.S. central bank said it was repealing its Regulation C, which covered home mortgage disclosure, saying its rules had been superseded by ones written by the Consumer Financial Protection Bureau, which opened its doors in 2011.

The Fed also is proposing to limit the reach of its Regulation M, which addresses consumer leasing, again in an acknowledgment of CFPB rulemaking in that area. However, the Fed wants to preserve the part of its leasing rules pertaining to motor vehicle dealers, since the 2010 Dodd-Frank Wall Street reform law explicitly bars the CFPB from regulating that industry.

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