Authorizes the FTC to directly handle civil actions under the Act or to request the Attorney General do so.

Allows the FTC to give appointment preference to administrative judges with antitrust or trade regulation litigation and related economic analysis experience.

Permits the FTC to commence a civil action to recover civil penalties in a district court for any violation of the Act.

Permits the FTC to enforce the Act against nonprofit organizations.

Authorizes the FTC to operate under general federal law rulemaking and judicial review provisions instead of under rulemaking provisions of the Act.

Requires that the FTC, notwithstanding any other provision of law, conduct rulemaking proceedings regarding subprime mortgage lending and nontraditional mortgage loans in accordance with such general rulemaking and judicial review provisions.

Transfers to each federal banking agency, with respect to depository institutions, the authority to prescribe regulations governing unfair or deceptive practices by banks and savings and loan institutions currently vested in the Board of Governors of the Federal Reserve System (regarding banks) and the Federal Home Loan Bank Board (regarding savings and loan institutions).

Allows a state, except during an FTC action, to bring an action to enforce the Act or any other Act enforced by the FTC regarding violation of an FTC subprime mortgage lending or nontraditional mortgage loan rule.

Amends the Telemarketing and Consumer Fraud and Abuse Prevention Act to state that more restrictive state laws are not preempted.

Provides for an FTC study of alcoholic beverage marketing.

Amends the Federal Trade Commission Act to remove references to the Communications Act of 1934 from the definition of "Acts to regulate commerce."