On June 20th, the Federal Reserve Board published for comment a proposed rule under Regulation B clarifying that motor vehicle dealers temporarily are not required to comply with certain data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"), until the Federal Reserve Board issues final regulations to implement the statutory requirements. Although the CFPB generally will have the authority to issue rules to implement this provision, the Federal Reserve Board retains authority to issue rules for certain motor vehicle dealers. The CFPB previously announced that creditors are not obligated to comply with the data collection requirements until the CFPB issues detailed rules to implement the law. Consistent with the CFPB's determination, the Federal Reserve Board is issuing a proposed rule to clarify that this approach also applies to motor vehicle dealers that are subject to the Federal Reserve Board's jurisdiction. Comments should be submitted on or before July 29, 2011. Federal Reserve Board Press Release.