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Monday, August 25, 2014

Agencies Issue Guidance on Credit Practices UDAPs

The Federal Reserve proposed repealing Regulation AA, which includes the credit practices rule, as required by the Dodd-Frank Act. In conjunction with this proposal, the federal financial agencies issued guidance reminding bankers that the repeal of those rules does not mean the prohibited practices are now permissible.

The agencies’ supervisory and enforcement authority over unfair or deceptive acts and practices means that they “may determine statutory violations exist even in the absence of a specific regulation governing the conduct,” they said.

Read the guidance.

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