Treasury Sets July 21, 2011 as Designated Transfer Date for the Bureau

The Treasury has set July 21, 2011 as the "designated transfer date" for authorities of the Bureau of Consumer Financial Protection.

On this date, the consumer financial protection functions currently carried out by the Federal banking agencies, as well as certain authorities currently carried out by the Department of Housing and Urban Development and the Federal Trade Commission, will be transferred to the Bureau. In particular, as of July 21, 2011, the Bureau will assume responsibility for consumer compliance supervision of very large depository institutions and their affiliates and promulgating regulations under various Federal consumer financial laws. The transfer of certain employees from six of those agencies to the Bureau must also occur within 90
days after the designated transfer date.

In the intervening period, the Bureau will lay the groundwork for an efficient transfer and prepare for consumer protection activities after July 21, 2011.

Read the full announcement in the Federal Register here.