Federal Reserve Board Requests Comment on Proposal to Repeal Regulation AA (Unfair or Deceptive Acts or Practices)
|Targeted News Service|
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) repealed the Board's authority to write rules that address unfair or deceptive acts or practices, which are contained in Regulation AA. Regulation AA includes the Board's "credit practices rule," which prohibits banks from using certain remedies to enforce consumer credit obligations and from including these remedies in their consumer credit contracts.
Also on Friday, the Board,
Comments on the attached proposal must be submitted within 60 days from the date of publication in the
For media inquiries, call 202-452-2955.
Unfair or Deceptive Acts or Practices (Regulation AA) (http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140822a1.pdf)
Interagency Guidance Regarding Unfair or Deceptive Credit Practices (http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140822a2.pdf)
CA 14-15: Interagency Guidance Regarding Unfair or Deceptive Credit Practices (http://www.federalreserve.gov/bankinforeg/caletters/caltr1405.htm)
Comments on this proposal: Submit (http://www.federalreserve.gov/forms/ElectronicCommentForm.aspx?doc_id=R-1490&doc_ver=1) | View (http://www.federalreserve.gov/apps/foia/ViewComments.aspx?doc_id=R%2D1490&doc_ver=1)
Board Votes (http://www.federalreserve.gov/aboutthefed/boardvotes.htm)
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