FRB letter on repeal of Reg AA

The Federal Reserve Board has published Consumer Affairs (CA) letter 16-4 on the repeal of Regulation AA (12 CFR Part 227) and the publication of revised exam procedures for section 5 of the Federal Trade Commission Act. The Dodd-Frank Act repealed the Board's authority to write rules that address unfair or deceptive acts or practices, which were contained in Reg AA, including the "credit practices rule," which prohibited banks from using certain practices to enforce consumer credit obligations and from including these practices in their consumer credit contracts.