Consumer Financial Protection Bureau Law Blog

FTC Rescinds Nine Consumer Financial Protection Rules After Adoption and Recodification by Bureau

Effective April 13, 2012, the Federal Trade Commission (FTC) rescinded nine of its rules governing consumer financial protection in accordance with the Dodd-Frank Act, which transferred rulemaking authority for the applicable rules to the CFPB. Pursuant to its rulemaking authority under the Dodd-Frank Act, the Bureau has republished and recodified each of the rescinded rules. 

Five of the rescinded rules are related to the Fair Credit Reporting Act—the definition of “identity theft” (now codified at 12 CFR § 1022.3); the free annual file disclosure rule (12 CFR § 1022.130); the prohibition against circumventing treatment as a nationwide consumer reporting agency (12 CFR § 1022.140); the rule governing duration of active duty alert (12 CFR § 1022.121); and the appropriate proof of identity rule (12 CFR § 1022.123). Also rescinded are the mortgage acts and practices advertising rules (now codified at 12 CFR Part 1014) and the rules governing mortgage assistance relief services (12 CFR Part 1015). The rules governing disclosure requirements for depository institutions lacking federal deposit insurance (now codified at 12 CFR Part 1009) and the procedure for state application for exemption from the Fair Debt Collection Practices Act (12 CFR Part 1006) have also been rescinded. In July 2011, the FTC rescinded its Fair Credit Reporting Act Commentary. The CFPB did not adopt the FTC Commentary.