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Monday, August 25, 2014

Agencies Issue Guidance on Credit Practices UDAPs

The Federal Reserve on Friday 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.

The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

To learn more about UDAP and enforcement actions, attend the ABIA Annual Conference, September 28-30 in San Antonio, where we will host a panel discussion on the CFPB's recent actions regarding UDAP and the business of insurance.