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Home > News & Events > Press Releases

Press Release
August 22, 2014

Federal Reserve Board requests comment on
proposal to repeal Regulation AA (Unfair or
Deceptive Acts or Practices)
For immediate release
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The Federal Reserve Board on Friday requested comment on a
proposal to repeal its Regulation AA (Unfair or Deceptive Acts or
Practices).
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(Dodd-Frank Act) repealed the Board's authority to write rules that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, Consumer Financial Protection Bureau,
Federal Deposit Insurance Corporation, National Credit Union
Administration, and Office of the Comptroller of the Currency issued
guidance clarifying that the repeal of the credit practices rules applicable
to banks, savings associations, and federal credit unions is not a
determination that the prohibited practices contained in those rules are
permissible. The practices described in the former credit practices rules
could potentially violate the prohibition against unfair or deceptive
practices under the Federal Trade Commission Act and Dodd-Frank Act,
even in the absence of a specific regulation governing the conduct.

Comments on the attached proposal must be submitted within 60 days
from the date of publication in the Federal Register, which is expected
shortly.
For media inquiries, call 202-452-2955.
Unfair or Deceptive Acts or Practices (Regulation AA): PDF | HTML
Interagency Guidance Regarding Unfair or Deceptive Credit Practices
(PDF)
CA 14-15: Interagency Guidance Regarding Unfair or Deceptive Credit
Practices
Comments on this proposal: Submit | View
Board Votes

Last Update: August 22, 2014

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