The Consumer Financial Protection Bureau (CFPB) issued three interim final rules, each effective December 30, 2011, which republish and make minor, nonsubstantive changes to certain existing regulations of the Federal Trade Commission (FTC). The Dodd-Frank Act transferred rulemaking authority for those existing regulations to the CFPB effective July 21, 2011.
CFPB Regulation F (12 CFR Part 1006) republishes the FTC’s regulation (16 CFR Part 901) on procedures for states to apply for exemptions from certain provisions of the Fair Debt Collection Practices Act where the states’ laws are at least as protective of consumers as the federal law. CFPB Regulation I (12 CFR Part 1009) republishes the FTC’s regulation (16 CFR Part 320) on disclosure requirements for depository institutions which do not maintain federal deposit insurance. CFPB Regulation N (12 CFR Part 1014) republishes the FTC’s Mortgage Acts and Practices–Advertising Rule (16 CFR Part 321). CFPB Regulation O (12 CFR Part 1015) republishes the FTC’s Mortgage Assistance Relief Services Rule (16 CFR Part 322).
The CFPB has apparently elected to designate its regulations by letter, which had been the convention used by the Federal Reserve Board. The new CFPB Regulations F, I, N and O should not be confused with existing Federal Reserve Board Regulations F, I, N and O, which address topics such as correspondent banking, issuance and cancelation of Federal Reserve Bank capital stock, relations with foreign banks and bankers, and loans to bank insiders.