On February 11, 2016, the Federal Reserve Board announced that, as part of the transfer of certain consumer protection rulewriting authority to the US Consumer Financial Protection Bureau under the Dodd–Frank Act, the Federal Reserve Board was repealing Regulation AA (Unfair or Deceptive Acts or Practices). Among other things, Regulation AA contained the Federal Reserve Board’s “credit practices rule,” which prohibited banks from engaging in certain practices to enforce consumer credit obligations and from including these practices in consumer credit contracts. Separately, the Federal Reserve Board announced the proposal to repeal Regulation C (Home Mortgage Disclosure), which has been superseded by CFPB rules.
The Federal Reserve Board press release is available at: http://www.federalreserve.gov/newsevents/press/bcreg/20160211a.htm.
The text of the final rule repealing Regulation AA is available at: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20160211a1.pdf.
The text of the proposed rule to repeal Regulation C is available at: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20160211a2.pdf.