(a) Authority. The regulation in this part is issued by the Consumer Financial Protection Bureau (CFPB) pursuant to the Consumer Financial Protection Act of 2010 (CFPA), Public Law 111-203, tit. X, 124 Stat. 1955.

(b) Purpose. This part implements the provisions of section 1033 of the CFPA, in part, by utilizing industry standards developed by standard-setting bodies recognized by the CFPB.

(c) Organization. This part is organized as follows:

(1) Subpart A establishes the authority, purpose, organization, and definitions applicable to this part, and is reserved for other purposes.

(2) Subpart B is reserved.

(3) Subpart C is reserved.

(4) Subpart D is reserved.

(5) Appendix A provides instructions for how a standard-setting body would apply for CFPB recognition.