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OCC BULLETIN 2014-42
Subject: Credit Practices Rules
Date: August 22, 2014
To: Chief Executive Officers and Compliance Officers of National Banks and Federal Savings Associations, All Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Interagency Guidance Regarding Unfair or Deceptive Credit Practices
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) are issuing the attached statement to clarify that the repeal of credit practices rules applicable to depository institutions does not mean that the unfair or deceptive acts or practices described in those former regulations are permissible.
While the credit practices rules for banks, savings associations, and federal credit unions are being repealed as a consequence of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Federal Trade Commission’s Credit Practices Rule remains in effect.
Please direct questions or comments to Kimberly G. Hebb, Director for Compliance Policy, at (202) 649-5470.
Grovetta N. Gardineer