Federal Register / Vol. 76, No. 242 / Friday, December 16, 2011 / Rules and Regulations 78121 

1 15 U.S.C. 1692 et seq. 

2 15 U.S.C. 16992o. 

appendix whose site parameters are within 

those specified in the technical support 

document. 

* * * * * 

E. The NRC will specify at an appropriate 

time the procedures to be used by an 

interested person who wishes to review 

portions of the design certification or 

references containing safeguards information 

or sensitive unclassified non-safeguards 

information (including proprietary 

information, such as trade secrets and 

commercial or financial information obtained 

from a person that are privileged or 

confidential (10 CFR 2.390 and 10 CFR part 

9)), for the purpose of participating in the 

hearing required by 10 CFR 52.85, the 

hearing provided under 10 CFR 52.103, or in 

any other proceeding relating to this 

appendix in which interested persons have a 

right to request an adjudicatory hearing. 

VIII. Processes for Changes and Departures 

* * * * * 

B. * * * 

5. * * * 

b. A proposed departure from Tier 2, other 

than one affecting resolution of a severe 

accident issue identified in the plant-specific 

DCD or one affecting information required by 

10 CFR 52.47(a)(28) to address 10 CFR 

50.150, requires a license amendment if it 

would: 

* * * * * 

d. If an applicant or licensee proposes to 

depart from the information required by 10 

CFR 52.47(a)(28) to be included in the FSAR 

for the standard design certification, then the 

applicant or licensee shall consider the effect 

of the changed feature or capability on the 

original assessment required by 10 CFR 

50.150(a). The applicant or licensee must 

also document how the modified design 

features and functional capabilities continue 

to meet the assessment requirements in 10 

CFR 50.150(a)(1) in accordance with section 

X of this appendix. 

* * * * * 

X. Records and Reporting 

A. * * * 

1. The applicants for this appendix shall 

maintain a copy of the applicable generic 

DCD that includes all generic changes to Tier 

1, Tier 2, and the generic technical 

specifications and other operational 

requirements. The applicants shall maintain 

the sensitive unclassified non-safeguards 

information (including proprietary 

information) and safeguards information 

referenced in the applicable generic DCD for 

the period that this appendix may be 

referenced, as specified in Section VII of this 

appendix. 

* * * * * 

4.a. The applicant for the amendment to 

the U.S. ABWR design to address the 

requirements in 10 CFR 50.150, ‘‘Aircraft 

impact assessment,’’ shall maintain a copy of 

the aircraft impact assessment performed to 

comply with the requirements of 10 CFR 

50.150(a) for the term of the certification 

(including any period of renewal). 

b. An applicant or licensee who references 

this appendix to include both the GE DCD 

and the STPNOC DCD shall maintain a copy 

of the aircraft impact assessment performed 

to comply with the requirements of 10 CFR 

50.150(a) throughout the pendency of the 

application and for the term of the license 

(including any period of renewal). 

* * * * * 

Dated at Rockville, Maryland, this 7th day 

of December 2011. 

For the Nuclear Regulatory Commission. 

Annette L. Vietti-Cook, 

Secretary of the Commission. 

[FR Doc. 2011–31906 Filed 12–15–11; 8:45 am] 

BILLING CODE 7590–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1006 

[Docket No. CFPB–2011–0022] 

RIN 3170–AA06 

Fair Debt Collection Practices Act 

(Regulation F) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Interim final rule with request 

for public comment. 

SUMMARY: Title X of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) 

transferred rulemaking authority for a 

number of consumer financial 

protection laws from seven Federal 

agencies to the Bureau of Consumer 

Financial Protection (Bureau) as of July 

21, 2011. The Bureau is in the process 

of republishing the regulations 

implementing those laws with technical 

and conforming changes to reflect the 

transfer of authority and certain other 

changes made by the Dodd-Frank Act. 

In light of the transfer of the Federal 

Trade Commission’s (Commission’s) 

rulemaking authority for the Fair Debt 

Collection Practices Act (FDCPA) to the 

Bureau, the Bureau is publishing for 

public comment an interim final rule 

establishing a new Regulation F (Fair 

Debt Collection Practices Act). This 

interim final rule does not impose any 

new substantive obligations on persons 

subject to the existing regulations, 

previously published by the 

Commission. 

DATES: This interim final rule is 

effective December 30, 2011. Comments 

must be received on or before February 

14, 2012. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2011– 

0022 or RIN 3170–AA06, by any of the 

following methods: 

• Electronic: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail: Monica Jackson, Office of the 

Executive Secretary, Consumer 

Financial Protection Bureau, 1500 

Pennsylvania Avenue NW. (Attn: 1801 L 

Street), Washington, DC 20220. 

• Hand Delivery/Courier in Lieu of 

Mail: Monica Jackson, Office of the 

Executive Secretary, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20006. 

All submissions must include the 

agency name and docket number or 

Regulatory Information Number (RIN) 

for this rulemaking. In general, all 

comments received will be posted 

without change to http:// 

www.regulations.gov. In addition, 

comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20006, on official 

business days between the hours of 

10 a.m. and 5 p.m. Eastern Time. You 

can make an appointment to inspect the 

documents by telephoning (202) 435– 

7275. 

All comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. Sensitive 

personal information, such as account 

numbers or Social Security numbers, 

should not be included. Comments will 

not be edited to remove any identifying 

or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Krista Ayoub or Jane Gao, Office of 

Regulations, at (202) 435–7700. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Fair Debt Collection Practices Act 

(FDCPA) was enacted to eliminate 

abusive debt collection practices by debt 

collectors, to insure that those debt 

collectors who refrain from using 

abusive debt collection practices are not 

competitively disadvantaged, and to 

promote consistent state action to 

protect consumers against debt 

collection abuses.1 Prior to July 21, 

2011, the FDCPA provided that the 

Federal Trade Commission 

(Commission) must by regulation 

exempt from the FDCPA requirements 

any class of debt collection practices 

within any state if the Commission 

determines that under the law of that 

state that class of debt collection 

practices is subject to requirements 

substantially similar to those imposed 

by the FDCPA, and that there is 

adequate provision for enforcement.2


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3Public Law 111–203, 124 Stat. 1376 (2010). 

4 Dodd-Frank section 1029 generally excludes 

from this transfer of authority, subject to certain 

exceptions, any rulemaking authority over a motor 

vehicle dealer that is predominantly engaged in the 

sale and servicing of motor vehicles, the leasing and 

servicing of motor vehicles, or both. 

5 In addition, the Dodd-Frank Act granted the 

Bureau rulemaking authority to prescribe 

regulations with respect to the collection of debts 

by debt collectors, as defined in the FDCPA, except 

as provided for in section 1029 of the Consumer 

Financial Protection Act of 2010. Public Law 111– 

203, section 1089(4); 15 U.S.C.1692l(d). 

6Public Law 111–203, section 1061(b)(5). 

7 Id. Section 1002(12)(H) (defining ‘‘enumerated 

consumer laws’’ to include the FDCPA). 

8Section 1066 of the Dodd-Frank Act grants the 

Secretary of the Treasury interim authority to 

perform certain functions of the Bureau. Pursuant 

to that authority, Treasury is publishing this interim 

final rule on behalf of the Bureau. Until this and 

other interim final rules take effect, existing 

regulations for which rulemaking authority 

transferred to the Bureau continue to govern 

persons covered by this rule. See 76 FR 43569 (July 

21, 2011). 

9Public Law 111–203, section 1089(1); 15 U.S.C. 

1692o. 

10 5 U.S.C. 551 et seq. 

11 5 U.S.C. 553(b), (c). 

12 5 U.S.C. 553(b)(3)(A), (B). 

Historically, procedures that states may 

use to apply for this exemption have 

been implemented by the Commission 

in 16 CFR Part 901. Under the FDCPA, 

the Commission did not have general 

authority to promulgate trade 

regulations or other regulations with 

respect to the collection of debts by debt 

collectors as defined in the FDCPA. 

The Dodd-Frank Wall Street Reform 

and Consumer Protection Act (DoddFrank Act) 3 amended a number of 

consumer financial protection laws, 

including the FDCPA. The Dodd-Frank 

Act transferred rulemaking authority 

related to the state exemptions under 

the FDCPA to the Bureau of Consumer 

Financial Protection (Bureau), effective 

July 21, 2011.4 See sections 1061 and 

1089 of the Dodd-Frank Act.5 Pursuant 

to the Dodd-Frank Act and the FDCPA, 

as amended, the Bureau is publishing 

for public comment an interim final rule 

establishing a new Regulation F (Fair 

Debt Collection Practices Act), 12 CFR 

Part 1006, implementing the FDCPA. 

II. Summary of the Interim Final Rule 

A. General 

The interim final rule substantially 

duplicates the Commission’s rule 

related to state exemptions under the 

FDCPA as the Bureau’s new Regulation 

F, 12 CFR Part 1006, making only 

certain non-substantive, technical, 

formatting, and stylistic changes. 

Subpart A of Regulation F contains the 

rule related to state exemptions under 

the FDCPA. Subpart B is reserved for 

any future rulemaking by the Bureau 

under the FDCPA. To minimize any 

potential confusion, other than 

republishing the Commission’s rule in 

16 CFR Part 901 with the Bureau’s part 

number, the Bureau is preserving where 

possible the numbering the Commission 

used in 16 CFR Part 901. Additionally, 

while this interim final rule generally 

incorporates the Commission’s existing 

regulatory text, the rule has been edited 

as necessary to reflect nomenclature and 

other technical amendments required by 

the Dodd-Frank Act. Notably, this 

interim final rule does not impose any 

new substantive obligations on 

regulated entities. 

B. Specific Changes 

Footnotes 1 and 2 in the 

Commission’s rule (16 CFR 901.2) that 

provide guidance on the meaning of 

‘‘state law’’ and ‘‘class of debt collection 

practices’’ respectively were moved to a 

newly-created subsection for definitions 

in § 1006.1. Footnote 3 in the 

Commission’s rule (16 CFR 901.4) was 

moved to newly-created paragraph (a)(2) 

in § 1006.4, and other text in that 

section was renumbered accordingly. In 

§ 1006.5, an address in the 

Commission’s rule (16 CFR 901.5) is 

replaced with an address for the Bureau, 

indicating where interested parties may 

go to review applications submitted by 

states for exemptions from the FDCPA. 

In addition, the Commission’s rule (16 

CFR 901.6) indicated that the 

Commission would inform the 

appropriate official of any state that 

receives such an exemption of any 

subsequent amendments of the FDCPA 

(including the Commission’s formal 

advisory opinions, and informal staff 

interpretations issued by an authorized 

official or employee of the Commission). 

In § 1006.6, the Bureau indicates that it 

will inform the appropriate official of 

any state that receives such an 

exemption of any subsequent 

amendments to the FDCPA or 

Regulation F. The Bureau anticipates 

that it will adopt any additional 

guidance on the FDCPA as part of 

Regulation F, instead of through formal 

advisory opinions or informal staff 

interpretations. In addition, references 

to the Commission and its 

administrative structure have been 

replaced with references to the Bureau. 

Conforming edits have been made to 

internal cross-references. Conforming 

edits have also been made to reflect the 

scope of the Bureau’s authority pursuant 

to the FDCPA, as amended by the DoddFrank Act. 

III. Legal Authority 

A. Rulemaking Authority 

The Bureau is issuing this interim 

final rule pursuant to its authority under 

the FDCPA and the Dodd-Frank Act. 

Effective July 21, 2011, section 1061 of 

the Dodd-Frank Act transferred to the 

Bureau all of the Commission’s 

authority under an enumerated 

consumer law to prescribe rules, issue 

guidelines, conduct studies, or issue 

reports.6 The FDCPA is an enumerated 

consumer law.7 Accordingly, effective 

July 21, 2011, the authority of the 

Commission to issue regulations related 

to state exemptions under the FDCPA 

transferred to the Bureau.8

The FDCPA, as amended, requires 

that the Bureau by regulation exempt 

from the requirements of the FDCPA 

any class of debt collection practices 

within any state if the Bureau 

determines that under the law of that 

state that class of debt collection 

practices is subject to requirements 

substantially similar to those imposed 

by the FDCPA, and that there is 

adequate provision for enforcement.9

B. Authority To Issue an Interim Final 

Rule Without Prior Notice and Comment 

The Administrative Procedure Act 

(APA) 10 generally requires public 

notice and an opportunity to comment 

before promulgation of substantive 

regulations.11 The APA provides 

exceptions to notice-and-comment 

procedures, however, where an agency 

for good cause finds that such 

procedures are impracticable, 

unnecessary, or contrary to the public 

interest or when a rulemaking relates to 

agency organization, procedure, and 

practice.12 The Bureau finds that there 

is good cause to conclude that providing 

notice and opportunity for comment 

would be unnecessary and contrary to 

the public interest under these 

circumstances. In addition, substantially 

all the changes made by this interim 

final rule, which were necessitated by 

the Dodd-Frank Act’s transfer of FDCPA 

authority from the Commission to the 

Bureau, relate to agency organization, 

procedure, and practice and are thus 

exempt from the APA’s notice-andcomment requirements. 

The Bureau’s good cause findings are 

based on the following considerations. 

As an initial matter, the Commission’s 

existing regulation was a result of 

notice-and-comment rulemaking to the 

extent required. Moreover, the interim 

final rule published today does not 

impose any new, substantive obligations 

on regulated entities. Rather, the interim 

final rule makes only non-substantive, 

technical changes to the existing text of 

the regulation, such as changing internal 

cross-references, replacing appropriate 


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Federal Register / Vol. 76, No. 242 / Friday, December 16, 2011 / Rules and Regulations 78123 

13This interim final rule is one of 14 companion 

rulemakings that together restate and recodify the 

implementing regulations under 14 existing 

consumer financial laws (part III.C, below, lists the 

14 laws involved). In the interest of proper 

coordination of this overall regulatory framework, 

which includes numerous cross-references among 

some of the regulations, the Bureau is establishing 

the same effective date of December 30, 2011 for 

those rules published on or before that date and 

making those published thereafter (if any) effective 

immediately. 

14Section 1022(b)(2)(A) of the Dodd-Frank Act 

addresses the consideration of the potential benefits 

and costs of regulation to consumers and covered 

persons, including the potential reduction of access 

by consumers to consumer financial products or 

services; the impact on depository institutions and 

credit unions with $10 billion or less in total assets 

as described in section 1026 of the Dodd-Frank Act; 

and the impact on consumers in rural areas. Section 

1022(b)(2)(B) requires that the Bureau ‘‘consult with 

the appropriate prudential regulators or other 

Federal agencies prior to proposing a rule and 

during the comment process regarding consistency 

with prudential, market, or systemic objectives 

administered by such agencies.’’ The manner and 

extent to which these provisions apply to interim 

final rules and to costs, benefits, and impacts that 

are compelled by statutory changes rather than 

discretionary Bureau action is unclear. 

Nevertheless, to inform this rulemaking more fully, 

the Bureau performed the described analyses and 

consultations. 

15The fourteen laws implemented by this and its 

companion rulemakings are: The Consumer Leasing 

Act, the Electronic Fund Transfer Act (except with 

respect to section 920 of that Act), the Equal Credit 

Opportunity Act, the Fair Credit Reporting Act 

(except with respect to sections 615(e) and 628 of 

that act), the Fair Debt Collection Practices Act, 

Subsections (b) through (f) of section 43 of the 

Federal Deposit Insurance Act, sections 502 through 

509 of the Gramm-Leach-Bliley Act (except for 

section 505 as it applies to section 501(b)), the 

Home Mortgage Disclosure Act, the Real Estate 

Settlement Procedures Act, the S.A.F.E. Mortgage 

Licensing Act, the Truth in Lending Act, the Truth 

in Savings Act, section 626 of the Omnibus 

Appropriations Act, 2009, and the Interstate Land 

Sales Full Disclosure Act. 

16 In light of the technical but voluminous nature 

of this recodification project, the Bureau focused 

the consultation process on a representative sample 

of the recodified regulations, while making 

information on the other regulations available. The 

Bureau expects to conduct differently its future 

consultations regarding substantive rulemakings. 

17 5 U.S.C. 601 et seq. 

18 5 U.S.C. 603, 604. 

19 5 U.S.C. 609. 

nomenclature to reflect the transfer of 

authority to the Bureau, and changing 

the address for reviewing applications 

submitted by state officials and notices. 

Given the technical nature of these 

changes, and the fact that the interim 

final rule does not impose any 

additional substantive requirements on 

covered entities, an opportunity for 

prior public comment is unnecessary. In 

addition, recodifying the Commission’s 

regulation to reflect the transfer of 

authority to the Bureau will help 

facilitate compliance with FDCPA and 

its implementing regulations, and the 

new regulations will help reduce 

uncertainty the applicable regulatory 

framework. Using notice-and-comment 

procedures would delay this process 

and thus be contrary to the public 

interest. 

The APA generally requires that rules 

be published not less than 30 days 

before their effective dates. See 5 U.S.C. 

553(d). As with the notice and comment 

requirement, however, the APA allows 

an exception when ‘‘otherwise provided 

by the agency for good cause found and 

published with the rule.’’ 5 U.S.C. 

553(d)(3). The Bureau finds that there is 

good cause for providing less than 30 

days notice here. A delayed effective 

date would harm consumers and 

regulated entities by needlessly 

perpetuating discrepancies between the 

amended statutory text and the 

implementing regulation, thereby 

hindering compliance and prolonging 

uncertainty regarding the applicable 

regulatory framework.13

In addition, delaying the effective 

date of the interim final rule for 30 days 

would provide no practical benefit to 

regulated entities in this context and in 

fact could operate to their detriment. As 

discussed above, the interim final rule 

published today does not impose any 

new, substantive obligations on 

regulated entities. Instead, the rule 

makes only non-substantive, technical 

changes to the existing text of the 

regulation. Thus, regulated entities that 

are already in compliance with the 

existing rules will not need to modify 

business practices as a result of this 

rule. 

C. Section 1022(b)(2) of the Dodd-Frank 

Act 

In developing the interim final rule, 

the Bureau has conducted an analysis of 

potential benefits, costs, and impacts.14

The Bureau believes that the interim 

final rule will benefit consumers and 

covered persons by updating and 

recodifying the Commission’s rules in 

16 CFR Part 901 to reflect the transfer 

of authority to the Bureau and certain 

other changes mandated by the DoddFrank Act. This will help reduce any 

uncertainty regarding the applicable 

regulatory framework. The interim final 

rule will not impose any new 

substantive obligations on consumers or 

covered persons and is not expected to 

have any impact on consumers’ access 

to consumer financial products and 

services. 

The interim final rule will have no 

unique impact on depository 

institutions or credit unions with $10 

billion or less in assets as described in 

section 1026(a) of the Dodd-Frank Act. 

Also, the interim final rule will have no 

unique impact on rural consumers. 

In undertaking the process of 

recodifying the Commission’s rules in 

16 CFR Part 901, as well as regulations 

implementing thirteen other existing 

consumer financial laws,15 the Bureau 

consulted the Federal Deposit Insurance 

Corporation, the Office of the 

Comptroller of the Currency, the 

National Credit Union Administration, 

the Board of Governors of the Federal 

Reserve System, the Federal Trade 

Commission, and the Department of 

Housing and Urban Development, 

including with respect to consistency 

with any prudential, market or systemic 

objectives that may be administered by 

such agencies.16 The Bureau also has 

consulted with the Office of 

Management and Budget for technical 

assistance. The Bureau expects to have 

further consultations with the 

appropriate Federal agencies during the 

comment period. 

IV. Request for Comment 

Although notice and comment 

rulemaking procedures are not required, 

the Bureau invites comments on this 

notice. Commenters are specifically 

encouraged to identify any technical 

issues raised by the rule. The Bureau is 

also seeking comment in response to a 

notice published at 76 FR 75825 

(Dec. 5, 2011) concerning its efforts to 

identify priorities for streamlining 

regulations that it has inherited from 

other Federal agencies to address 

provisions that are outdated, unduly 

burdensome, or unnecessary. 

V. Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA), 

as amended by the Small Business 

Regulatory Enforcement Fairness Act of 

1996, requires each agency to consider 

the potential impact of its regulations on 

small entities, including small 

businesses, small governmental units, 

and small not-for-profit organizations.17

The RFA generally requires an agency to 

conduct an initial regulatory flexibility 

analysis (IRFA) and a final regulatory 

flexibility analysis (FRFA) of any rule 

subject to notice-and-comment 

rulemaking requirements, unless the 

agency certifies that the rule will not 

have a significant economic impact on 

a substantial number of small entities.18

The Bureau also is subject to certain 

additional procedures under the RFA 

involving the convening of a panel to 

consult with small business 

representatives prior to proposing a rule 

for which an IRFA is required.19

The IRFA and FRFA requirements 

described above apply only where a 

notice of proposed rulemaking is 


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20 5 U.S.C. 603(a), 604(a); 5 U.S.C. 553(b)(B). 

21 5 U.S.C. 609(b). 

required,20 and the panel requirement 

applies only when a rulemaking 

requires an IRFA.21 As discussed above 

in part III, a notice of proposed 

rulemaking is not required for this 

rulemaking. 

In addition, as discussed above, the 

rule imposes no new, substantive 

obligations on entities subject to 

Regulation F. Accordingly, the 

undersigned certifies that this interim 

final rule will not have a significant 

economic impact on a substantial 

number of small entities. 

VI. Paperwork Reduction Act 

The Bureau has determined that this 

interim final rule does not impose any 

new recordkeeping or reporting 

requirements on covered entities or 

members of the public that would be 

collections of information requiring 

approval under 44 U.S.C. 3501, et seq. 

List of Subjects in 12 CFR Part 1006 

Administrative practice and 

procedure, Consumer protection, Credit, 

Intergovernmental relations. 

Authority and Issuance 

For the reasons set forth above, the 

Bureau of Consumer Financial 

Protection adds part 1006 to Chapter X 

in Title 12 of the Code of Federal 

Regulations to read as follows: 

PART 1006—FAIR DEBT COLLECTION 

PRACTICES ACT (REGULATION F) 

Subpart A—Procedures for State 

Application for Exemption From the 

Provisions of the Act 

Sec. 

1006.1 Purpose and definitions. 

1006.2 Application. 

1006.3 Supporting documents. 

1006.4 Criteria for determination. 

1006.5 Public notice of filing. 

1006.6 Exemption from requirements. 

1006.7 Adverse determination. 

1006.8 Revocation of exemption. 

Subpart B—[Reserved] 

Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 

1692o. 

Subpart A—Procedures for State 

Application for Exemption From the 

Provisions of the Act 

§ 1006.1 Purpose and definitions. 

(a) Purpose. This part, known as 

Regulation F, is issued by the Bureau of 

Consumer Financial Protection 

(Bureau). This subpart establishes 

procedures and criteria whereby states 

may apply to the Bureau for exemption 

of a class of debt collection practices 

within the applying state from the 

provisions of the Fair Debt Collection 

Practices Act (the Act) as provided in 

section 817 of the Act, 15 U.S.C. 1692o. 

(b) Definitions. For purposes of this 

subpart: 

Class of debt collection practices 

includes one or more such classes of 

debt collection practices. 

State law includes any regulations 

that implement state law and formal 

interpretations thereof by a court of 

competent jurisdiction or duly 

authorized agency of that state. 

§ 1006.2 Application. 

Any state may apply to the Bureau 

pursuant to the terms of this part for a 

determination that, under the laws of 

that state, any class of debt collection 

practices within that state is subject to 

requirements that are substantially 

similar to, or provide greater protection 

for consumers than, those imposed 

under sections 803 through 812 of the 

Act, and that there is adequate provision 

for state enforcement of such 

requirements. The application shall be 

in writing, addressed to the Bureau, 

signed by the Governor, Attorney 

General or state official having primary 

enforcement or responsibility under the 

state law which is applicable to the 

class of debt collection practices, and 

shall be supported by the documents 

specified in this subpart. 

§ 1006.3 Supporting documents. 

The application shall be accompanied 

by the following, which may be 

submitted in paper or electronic form: 

(a) A copy of the full text of the state 

law that is claimed to contain 

requirements substantially similar to 

those imposed under sections 803 

through 812 of the Act, or to provide 

greater protection to consumers than 

sections 803 through 812 of the Act, 

regarding the class of debt collection 

practices within that state. 

(b) A comparison of each provision of 

sections 803 through 812 of the Act with 

the corresponding provision of the state 

law, together with reasons supporting 

the claim that the corresponding 

provisions of the state law are 

substantially similar to or provide 

greater protection to consumers than 

provisions of sections 803 through 812 

of the Act and an explanation as to why 

any differences between the state and 

Federal law are not inconsistent with 

the provisions of sections 803 through 

812 of the Act and do not result in a 

diminution in the protection otherwise 

afforded consumers; and a statement 

that no other state laws (including 

administrative or judicial 

interpretations) are related to, or would 

have an effect upon, the state law that 

is being considered by the Bureau in 

making its determination. 

(c) A copy of the full text of the state 

law that provides for enforcement of the 

state law referred to in paragraph (a) of 

this section. 

(d) A comparison of the provisions of 

the state law that provides for 

enforcement with the provisions of 

section 814 of the Act, together with 

reasons supporting the claim that such 

state law provides for administrative 

enforcement of the state law referred to 

in paragraph (a) of this section that is 

substantially similar to, or more 

extensive than, the enforcement 

provided under section 814 of the Act. 

(e) A statement identifying the office 

designated or to be designated to 

administer the state law referred to in 

paragraph (a) of this section, together 

with complete information regarding the 

fiscal arrangements for administrative 

enforcement (including the amount of 

funds available or to be provided), the 

number and qualifications of personnel 

engaged or to be engaged in 

enforcement, and a description of the 

procedures under which such state law 

is to be administratively enforced. The 

statement should also include reasons to 

support the claim that there is adequate 

provision for enforcement of such state 

law. 

§ 1006.4 Criteria for determination. 

The Bureau will consider the criteria 

set forth below, and any other relevant 

information, in determining whether the 

law of a state is substantially similar to, 

or provides greater protection to 

consumers than, the provisions of 

sections 803 through 812 of the Act 

regarding the class of debt collection 

practices within that state, and whether 

there is adequate provision for state 

enforcement of such law. In making that 

determination, the Bureau primarily 

will consider each provision of the state 

law in comparison with each 

corresponding provision in sections 803 

through 812 of the Act, and not the state 

law as a whole in comparison with the 

Act as a whole. 

(a)(1) In order for provisions of state 

law to be substantially similar to, or 

provide greater protection to consumers 

than the provisions of sections 803 

through 812 of the Act, the provisions 

of state law at least shall provide that: 

(i) Definitions and rules of 

construction, as applicable, import the 

same meaning and have the same 

application as those prescribed by 

sections 803 through 812 of the Act. 

(ii) Debt collectors provide all of the 

applicable notifications required by the 

provisions of sections 803 through 812 


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Federal Register / Vol. 76, No. 242 / Friday, December 16, 2011 / Rules and Regulations 78125 

of the Act, with the content and in the 

terminology, form, and time periods 

prescribed by this part pursuant to 

sections 803 through 812; however, 

required references to state law may be 

substituted for the references to Federal 

law required in this part. Notification 

requirements under state law in 

additional circumstances or with 

additional detail that do not frustrate 

any of the purposes of the Act may be 

determined by the Bureau to be 

consistent with sections 803 through 

812 of the Act; 

(iii) Debt collectors take all affirmative 

actions and abide by obligations 

substantially similar to, or more 

extensive than, those prescribed by 

sections 803 through 812 of the Act 

under substantially similar or more 

stringent conditions and within the 

same or more stringent time periods as 

are prescribed in sections 803 through 

812 of the Act; 

(iv) Debt collectors abide by the same 

or more stringent prohibitions as are 

prescribed by sections 803 through 812 

of the Act; 

(v) Obligations or responsibilities 

imposed on consumers are no more 

costly, lengthy, or burdensome relative 

to consumers exercising any of the 

rights or gaining the benefits of the 

protections provided in the state law 

than corresponding obligations or 

responsibilities imposed on consumers 

in sections 803 through 812 of the Act. 

(vi) Consumers’ rights and protections 

are substantially similar to, or more 

favorable than, those provided by 

sections 803 through 812 of the Act 

under conditions or within time periods 

that are substantially similar to, or more 

favorable to consumers than, those 

prescribed by sections 803 through 812 

of the Act. 

(2) Paragraph (a)(1) of this section is 

not to be construed as indicating that 

the Bureau would consider adversely 

any additional requirements of state law 

that are not inconsistent with the 

purpose of the Act or the requirements 

imposed under sections 803 through 

812 of the Act. 

(b) In determining whether provisions 

for enforcement of the state law referred 

to in § 1006.3(a) of this part are 

adequate, consideration will be given to 

the extent to which, under state law, 

provision is made for administrative 

enforcement, including necessary 

facilities, personnel, and funding. 

§ 1006.5 Public notice of filing. 

In connection with any application 

that has been filed in accordance with 

the requirements of §§ 1006.2 and 

1006.3 of this part and following initial 

review of the application, a notice of 

such filing shall be published by the 

Bureau in the Federal Register, and a 

copy of such application shall be made 

available for examination by interested 

persons during business hours at the 

Bureau of Consumer Financial 

Protection, 1700 G Street NW., 

Washington, DC 20006. A period of time 

shall be allowed from the date of such 

publication for interested parties to 

submit written comments to the Bureau 

regarding that application. 

§ 1006.6 Exemption from requirements. 

If the Bureau determines on the basis 

of the information before it that, under 

the law of a state, a class of debt 

collection practices is subject to 

requirements substantially similar to, or 

that provide greater protection to 

consumers than, those imposed under 

sections 803 through 812 and section 

814 of the Act, and that there is 

adequate provision for state 

enforcement, the Bureau will exempt 

the class of debt collection practices in 

that state from the requirements of 

sections 803 through 812 and section 

814 of the Act in the following manner 

and subject to the following conditions: 

(a) Notice of the exemption shall be 

published in the Federal Register, and 

the Bureau shall furnish a copy of such 

notice to the state official who made 

application for such exemption, to each 

Federal authority responsible for 

administrative enforcement of the 

requirements of sections 803 through 

812 of the Act, and to the Attorney 

General of the United States. Any 

exemption granted shall be effective 

90 days after the date of publication of 

such notice in the Federal Register. 

(b) The appropriate official of any 

state that receives an exemption shall 

inform the Bureau in writing within 

30 days of any change in the state laws 

referred to in § 1006.3(a) and (c) of this 

part. The report of any such change 

shall contain copies of the full text of 

that change, together with statements 

setting forth the information and 

opinions regarding that change that are 

specified in § 1006.3(b) and (d). The 

appropriate official of any state that has 

received such an exemption also shall 

file with the Bureau from time to time 

such reports as the Bureau may require. 

(c) The Bureau shall inform the 

appropriate official of any state that 

receives such an exemption of any 

subsequent amendments of the Act or 

this part that might necessitate the 

amendment of state law for the 

exemption to continue. 

(d) No exemption shall extend to the 

civil liability provisions of section 813 

of the Act. After an exemption is 

granted, the requirements of the 

applicable state law shall constitute the 

requirements of sections 803 through 

812 of the Act, except to the extent such 

state law imposes requirements not 

imposed by the Act or this part. 

§ 1006.7 Adverse determination. 

(a) If, after publication of a notice in 

the Federal Register as provided under 

§ 1006.5 of this part, the Bureau finds on 

the basis of the information before it 

that it cannot make a favorable 

determination in connection with the 

application, the Bureau shall notify the 

appropriate state official of the facts 

upon which such findings are based and 

shall afford that state authority a 

reasonable opportunity to demonstrate 

or achieve compliance. 

(b) If, after having afforded the state 

authority such opportunity to 

demonstrate or achieve compliance, the 

Bureau finds on the basis of the 

information before it that it still cannot 

make a favorable determination in 

connection with the application, the 

Bureau shall publish in the Federal 

Register a notice of its determination 

regarding the application and shall 

furnish a copy of such notice to the state 

official who made application for such 

exemption. 

§ 1006.8 Revocation of exemption. 

(a) The Bureau reserves the right to 

revoke any exemption granted under the 

provisions of this part, if at any time it 

determines that the state law does not, 

in fact, impose requirements that are 

substantially similar to, or that provide 

greater protection to applicants than, 

those imposed under sections 803 

through 812 of the Act or that there is 

not, in fact, adequate provision for state 

enforcement. 

(b) Before revoking any such 

exemption, the Bureau shall notify the 

appropriate state official of the facts or 

conduct that, in the Bureau’s opinion, 

warrant such revocation, and shall 

afford that state such opportunity as the 

Bureau deems appropriate in the 

circumstances to demonstrate or achieve 

compliance. 

(c) If, after having been afforded the 

opportunity to demonstrate or achieve 

compliance, the Bureau determines that 

the state has not done so, notice of the 

Bureau’s intention to revoke such 

exemption shall be published in the 

Federal Register. A period of time shall 

be allowed from the date of such 

publication for interested persons to 

submit written comments to the Bureau 

regarding the intention to revoke. 

(d) If such exemption is revoked, 

notice of such revocation shall be 

published by the Bureau in the Federal 

Register, and a copy of such notice shall 


jlentini on DSK4TPTVN1PROD with RULES
78126 Federal Register / Vol. 76, No. 242 / Friday, December 16, 2011 / Rules and Regulations 

1 12 U.S.C. 1811 et seq. 

2 12 U.S.C. 1831t. 

3 Id. 

4Public Law 111–203,124 Stat. 1376 (2010). 

5 Dodd-Frank section 1029 generally excludes 

from this transfer of authority, subject to certain 

exceptions, any rulemaking authority over a motor 

vehicle dealer that is predominantly engaged in the 

sale and servicing of motor vehicles, the leasing and 

servicing of motor vehicles, or both. 

be furnished to the appropriate state 

official, to the Federal authorities 

responsible for enforcement of the 

requirements of the Act, and to the 

Attorney General of the United States. 

The revocation shall become effective, 

and the class of debt collection practices 

affected within that state shall become 

subject to the requirements of sections 

803 through 812 of the Act, 90 days after 

the date of publication of the notice in 

the Federal Register. 

Subpart B—[Reserved] 

Dated: October 24, 2011. 

Alastair M. Fitzpayne, 

Deputy Chief of Staff and Executive Secretary, 

Department of the Treasury. 

[FR Doc. 2011–31733 Filed 12–15–11; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1009 

[Docket No. CFPB–2011–0024] 

RIN 3170–AA06 

Disclosure Requirements for 

Depository Institutions Lacking 

Federal Deposit Insurance 

(Regulation I) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Interim final rule with request 

for public comment. 

SUMMARY: Title X of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act) 

transferred rulemaking authority for a 

number of consumer financial 

protection laws from seven Federal 

agencies to the Bureau of Consumer 

Financial Protection (Bureau) as of July 

21, 2011. The Bureau is in the process 

of republishing the regulations 

implementing those laws with technical 

and conforming changes to reflect the 

transfer of authority and certain other 

changes made by the Dodd-Frank Act. 

In light of the transfer of the Federal 

Trade Commission’s (Commission’s) 

rulemaking authority for section 43(b)– 

(f) of the Federal Deposit Insurance Act 

(FDIA) to the Bureau, the Bureau is 

publishing for public comment an 

interim final rule establishing a new 

Regulation I (Disclosure Requirements 

for Depository Institutions Lacking 

Federal Deposit Insurance). This interim 

final rule does not impose any new 

substantive obligations on persons 

subject to the existing regulations, 

previously published by the 

Commission. 

DATES: This interim final rule is 

effective December 30, 2011. Comments 

must be received on or before February 

14, 2012. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2011– 

0024 or RIN 3170–AA06, by any of the 

following methods: 

• Electronic: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail: Monica Jackson, Office of the 

Executive Secretary, Consumer 

Financial Protection Bureau, 1500 

Pennsylvania Avenue NW., (Attn: 1801 

L Street), Washington, DC 20220. 

• Hand Delivery/Courier in Lieu of 

Mail: Monica Jackson, Office of the 

Executive Secretary, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20006. 

All submissions must include the 

agency name and docket number or 

Regulatory Information Number (RIN) 

for this rulemaking. In general, all 

comments received will be posted 

without change to http:// 

www.regulations.gov. In addition, 

comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20006, on official 

business days between the hours of 

10 a.m. and 5 p.m. Eastern Time. You 

can make an appointment to inspect the 

documents by telephoning (202) 435– 

7275. 

All comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. Sensitive 

personal information, such as account 

numbers or social security numbers, 

should not be included. Comments will 

not be edited to remove any identifying 

or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Krista Ayoub or Jane Gao, Office of 

Regulations, at (202) 435–7700. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Federal Deposit Insurance Act 

(FDIA),1 among other things, establishes 

the Federal Deposit Insurance 

Corporation which must insure the 

deposits of banks and savings 

associations entitled to the benefits of 

insurance under the FDIA. Not all 

depository institutions are required to 

maintain Federal deposit insurance. The 

FDIA requires that depository 

institutions lacking Federal deposit 

insurance make certain insurancerelated disclosures in periodic 

statements, account records, locations 

where deposits are normally received, 

and advertising.2 The FDIA also 

requires such depository institutions to 

obtain a written acknowledgment from 

depositors regarding the institution’s 

lack of Federal deposit insurance.3 Prior 

to July 21, 2011, the FDIA required that 

the Federal Trade Commission 

(Commission), by regulation or order, 

prescribe the manner and content of 

these disclosures. 

Historically, the disclosure 

requirements required by the FDIA for 

depository institutions lacking Federal 

deposit insurance have been 

implemented by the Commission in 16 

CFR Part 320. The Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act (Dodd-Frank Act) 4 amended a 

number of consumer financial 

protection laws, including the FDIA. In 

addition to various substantive 

amendments, the Dodd-Frank Act 

transferred rulemaking authority for 

implementing the disclosure 

requirements for depository institutions 

lacking Federal deposit insurance, as 

described above, to the Bureau of 

Consumer Financial Protection 

(Bureau), effective July 21, 2011.5 See 

sections 1061 and 1090 of the DoddFrank Act. Pursuant to the Dodd-Frank 

Act and the FDIA, as amended, the 

Bureau is publishing for public 

comment an interim final rule 

establishing a new Regulation I 

(Disclosure Requirements for Depository 

Institutions Lacking Federal Deposit 

Insurance), 12 CFR Part 1009, 

implementing the disclosure 

requirements in the FDIA for depository 

institutions lacking Federal deposit 

insurance. 

II. Summary of the Interim Final Rule 

A. General 

The interim final rule substantially 

duplicates the Commission’s rule in 16 

CFR Part 320 as the Bureau’s new 

Regulation I, 12 CFR Part 1009, making 

only certain non-substantive, technical, 

formatting, and stylistic changes. To 

minimize any potential confusion, other 

than republishing the Commission’s 

existing rule in 16 CFR Part 320 with 

the Bureau’s part number, the Bureau is 

preserving where possible the 

numbering the Commission used in its 

existing rule. Additionally, while this 

interim final rule generally incorporates 

the Commission’s existing regulatory 


jlentini on DSK4TPTVN1PROD with RULES