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FED ER A L RESERVE BANK O F N E W YORK P Circular No. 7653 June 16.1975 UNFAIR OR DECEPTIVE PRACTICES BY BANKS Extension of Time for Comment on Proposed Regulation To All Banks, and Others Concerned, in the Second Federal Reserve District: Following is the text of a statement issued June 11 by the Board of Governors of the Federal Reserve System: The Board of Governors of the Federal Reserve System today announced an extension, until July 10, of the period for comment on its proposed regulation to prohibit the use by banks of credit practices the Federal Trade Commission has declared to be unfair. The Board proposed its regulation on April 24, inviting comment through June 10. Requests have been received for additional time due to the extensive nature of the proposal and the fact that at this time also creditors and others are being asked for comment on regulations proposed under other new legislation, including the Equal Credit Opportunity Act and the Fair Credit Billing Act. Printed below is the text of the Board’s Order in this matter. A copy of the text of the Board’s proposal was enclosed with our Circular No. 7622, dated May 2, 1975. Comments on the proposal should be submitted by July 10, 1975, and may be sent to our Bank Regulations Department. ALFRED HAYES. President. Unfair or Deceptive Acts or Practices By documents appearing at 40 Fed. Reg. 19495, May 5, 1975, the Board proposed a regulation prohibit ing the use of certain credit practices the Federal Trade Commission has proposed to declare unfair. W ritten comments were solicited to be received not later than June 10, 1975. Due to the extensive scope of the proposed am endm ents and the fact that other consumer credit regulations have also recently been proposed making meaningful comment more difficult, the Board hereby extends the comment period for the proposed credit practice regulations until July 10, 1975. By order of the Board of Governors, June 11, 1975.
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