Regulatory Alerts2014-08-22
Added · Updated
CA 14-5: Interagency Guidance Regarding Unfair or Deceptive Credit Practices
The Federal Reserve Board, CFPB, FDIC, NCUA, and OCC issued this guidance to inform institutions that repealed credit practices rules remain prohibited under the FTC Act and Dodd-Frank Act. The document clarifies that unfair or deceptive acts described in former regulations, such as Regulation AA, violate statutory prohibitions even in the absence of specific governing rules. Supervisory staff and institutions are directed to use the attached materials to determine whether specific credit practices constitute unfair or deceptive conduct.
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