Regulatory AlertsRepeal of Regulation AA and Revised Examination Procedures for Section 5 of the FTC Act
The Board of Governors of the Federal Reserve System repealed Regulation AA following the Dodd-Frank Act's transfer of rulemaking authority regarding unfair or deceptive acts to the Consumer Financial Protection Bureau. The Board simultaneously published revised examination procedures for Section 5 of the FTC Act to reflect this repeal while maintaining that the conduct previously covered by Regulation AA's credit practices rule may still violate the FTC Act. This guidance applies to all institutions supervised by the Federal Reserve and supersedes previous consumer compliance examination procedures issued in 2007.
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