At this time neither FTC or the CPSC has said officially it is legal to combine their two labels into one. They are two seperate agencies with different requirements to be compliant under the different laws that each agency is in charge of overseeing.
The CPSIA tracking labels are required on all childrens item producted after Aug 14th 2009 you need a permanantly attached tracking label according to the CPSIA. This label's purpose is strictly so when the CPSC issues a recall on a product there is an easily identifiable and similarly formated label that any adult can readily read to see if that specific item is on the recall list.
For a crafter the CPSIA label must include at minimum :
* Your company, shop name, or RN#
* The city, state/territory, & country where the item was completed
* The date of manufacture or completion of the product
Unless, you want to do not include an actual street address, personal e-mail, or phone #, you just might get some unusual persons bothering you.
Additional warning labels (certain ones can be removable) concerning things like choking on small parts may be required dependant on your finished product. See these for more info
http://www.cpsc.gov/about/cpsia/sect103policy.pdf &
http://www.cpsc.gov/about/cpsia/sect103.html#103q8 The FTC labels are completely different requirements from a seperate government agency. These labels are required on most, but not all, fabric and fiber based products regardless of the user age. Certain items like hair accessories, hats, socks, and purses are exempt, but there are a surprising number of non-clothing items that require the FTC labeling. Certain types of products do require the information but in a removable tag format. Keep in mind once you put any FTC label style information on a label or tag you maybe liable under the FTC laws to go the complete route of their labeling requirerments to include not only what the materials is but where the actual material came from and the wash & care of the item. Basically it's hidden somewhere in the FTC pages once you start to include any of their info you must include all of it even if your product is exempt under their rulings from their labeling. See
http://www.ftc.gov/bcp/edu/pubs/business/textile/bus21.shtm#covered for more FTC info.