This story appeared in Bank Digest.
The Federal Reserve Board is proposing to rescind Reg. AA—Unfair or Deceptive Acts or Practices (12 CFR Part 227) because the Dodd-Frank Act eliminated the Fed's authority to write rules that implement the Federal Trade Commission Act. However, the Fed and the other federal bank, thrift, and credit union regulatory agencies are warning that they retain supervisory and enforcement authority over unfair or deceptive acts and practices (UDAAP). The practices prohibited by Reg. AA still may be illegal under the FTC Act and the Dodd-Frank Act.