[Federal Register Volume 79, Number 210 (Thursday, October 30, 2014)]
[Rules and Regulations]
[Pages 64503-64504]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-25661]


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FEDERAL RESERVE SYSTEM

12 CFR Part 267

[Docket No. OP-1499]


Rules of Organization and Procedure of the Consumer Advisory 
Council

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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SUMMARY: 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Protection Act repealed the requirement in section 703 of the Equal 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.

DATES: The final rule is effective October 30, 2014.

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.

SUPPLEMENTARY INFORMATION:

I. Discussion

    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

[[Page 64504]]

officers, and establishing procedures for conducting CAC meetings.\1\
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    \1\ 12 CFR Part 267.
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    The Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Dodd-Frank Act) \2\ 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repealed the requirement in section 703 of ECOA that the Board 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 \3\ 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.\4\ 
Consequently, the Board no longer maintains a CAC, and the Rules of 
Organization and Procedure of the Consumer Advisory Council are no 
longer necessary.
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    \2\ Public Law 111-203, 124 Stat. 1376 (Jul. 21, 2010).
    \3\ Section 1085 of the Dodd-Frank Act.
    \4\ Section 1014 of the Dodd-Frank Act.
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    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.\5\
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    \5\ 5 U.S.C. 553(b)(A).
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List of Subjects in 12 CFR Part 267

    Consumer protection, Credit, Organization and functions (Government 
agencies).

Authority and Issuance

0
For the reasons set forth in the preamble and under the authority of 
Public Law 111-203, section 1085, the Board removes and reserves 12 CFR 
part 267.

PART 267--[REMOVED AND RESERVED]

    By order of the Board of Governors of the Federal Reserve 
System, October 23, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-25661 Filed 10-29-14; 8:45 am]
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