On June 18, the CFPB published a final rule in the Federal Register rescinding a previous rule that specified how the agency issues rules and when those rules are considered issued. Effective June 18, the final rule rescinds the “Procedure Relating to Rulemaking,” which provided that a CFPB rule was considered issued upon either posting the final rule on the Bureau’s website or publishing it in the Federal Register — whichever came first. With the rescission of the 2012 rule, CFPB rulemaking will revert to the traditional mechanism for determining when a rule has been validly promulgated: the effective date reflected in the Federal Register.
[View source.]
