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THE CFPB INHERITS REGULATIONS N and O

Congress enacted section 626 of the Omnibus Appropriations Act (Omnibus Appropriations Act) on March 11, 2009 and directed the Federal Trade Commission (FTC) to commence a rulemaking proceeding within 90 days of enactment with respect to mortgage loans.¬†On May 22, 2009, the enactment of the Credit Card Accountability Responsibility and Disclosure Act¬†clarified the FTC’s rulemaking authority under the Omnibus Appropriations Act to specify that the FTC’s rulemaking based on its authority pursuant to the Omnibus […]