81 FR 8133 - Unfair or Deceptive Acts or Practices (Regulation AA)
FEDERAL RESERVE SYSTEM Federal Register Volume 81, Issue 32 (February 18, 2016)
Federal Register Volume 81, Issue 32 (February 18, 2016)
| Page Range | 8133-8134 | |
| FR Document | 2016-03228 |
[Federal Register Volume 81, Number 32 (Thursday, February 18, 2016)] [Rules and Regulations] [Pages 8133-8134] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03228] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. ======================================================================== Federal Register / Vol. 81, No. 32 / Thursday, February 18, 2016 / Rules and Regulations [[Page 8133]] FEDERAL RESERVE SYSTEM 12 CFR Part 227 [Docket No. R-1490; RIN 7100 AE-19] Unfair or Deceptive Acts or Practices (Regulation AA) AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation AA, which was issued pursuant to its rule writing authority under section 18(f)(1) of the Federal Trade Commission Act (FTC Act or Act). Section 1092(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) repealed section 18(f)(1) of the FTC Act, thus eliminating the Board's rule writing authority under the Act. DATES: The final rule is effective March 21, 2016. FOR FURTHER INFORMATION CONTACT: Mandie K. Aubrey, Counsel, Division of Consumer and Community Affairs, at (202) 452-3667, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869. SUPPLEMENTARY INFORMATION: I. Background The FTC Act directs the Federal Trade Commission (FTC) to promulgate rules to define and prevent unfair or deceptive acts or practices for persons other than banks, savings and loans, and Federal credit unions.\1\ Pursuant to the Act, in 1984 the FTC issued its Credit Practices Rule, which applied to persons within the FTC's jurisdiction.\2\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 45 and 57a(a)(1). \2\ 16 CFR 444.1-.5. --------------------------------------------------------------------------- Prior to amendments to the FTC Act made by the Dodd-Frank Act in 2010, section 18(f)(1) of the FTC Act required the Board to promulgate rules applicable to banks that were ``substantially similar'' to these FTC rules, with some exceptions.\3\ In addition, section 18(f)(1) of the Act provided the Board the authority to prescribe additional rules for banks addressing unfair or deceptive acts or practices--regardless of whether the FTC had promulgated rules about such acts or practices. The Act also required the Board to take appropriate action on complaints about unfair or deceptive acts or practices by banks.\4\ --------------------------------------------------------------------------- \3\ Section 18(f)(1) of the Act was previously codified at 15 U.S.C. 57a(f)(1). The Board was not required to impose substantially similar rules if it found that: (1) Such acts or practices of banks were not unfair or deceptive, or (2) implementation of similar regulations with respect to banks would seriously conflict with essential monetary and payments systems policies of the Board. \4\ The same authority that was conferred to the Board by section 18(f)(1) of the Act also applied to the Federal Home Loan Bank Board (FHLBB) (predecessor to the Office of Thrift Supervision), with respect to savings associations, and to the National Credit Union Administration (NCUA), with respect to Federal credit unions. --------------------------------------------------------------------------- Pursuant to its rule writing authority in section 18(f)(1) of the FTC Act, the Board issued Regulation AA, including the Board's credit practices rule, which was adopted in 1985.\5\ The Board's credit practices rule was substantially similar to the FTC's Credit Practices Rule; in adopting the rule, the Board relied on the extensive findings that had been made by the FTC that the prohibited practices were unfair or deceptive. --------------------------------------------------------------------------- \5\ 12 CFR part 227, subpart B. --------------------------------------------------------------------------- The Board's credit practices rule in Regulation AA prohibited banks from using certain remedies to enforce consumer credit obligations and from including these remedies in their consumer credit contracts. The rule also prohibited banks from: (1) Obligating a co-signer on the debt unless the co-signer previously received a clear and conspicuous written notice explaining the nature of the co-signer's obligations and liabilities under the contract; and (2) imposing a late fee when a consumer makes a full loan payment on time or within the grace period, solely because the consumer did not pay a previous late fee imposed on an earlier installment (the ``pyramiding'' of late fees). In addition, Regulation AA contained a provision that informed consumers how to file a complaint regarding a state member bank and explained the Board's procedure for responding to such complaints.\6\ Regulation AA also contained information regarding state exemptions from the credit practices rule.\7\ The Board published, separately from the regulation, Staff Guidelines to clarify how Regulation AA applied in particular circumstances.\8\ --------------------------------------------------------------------------- \6\ 12 CFR 227.2. This provision listed an address to which consumers may send their complaint, and explained that consumers will receive, within 15 business days, either a substantive response or an acknowledgment setting a reasonable time for a substantive response. \7\ 12 CFR 227.16. \8\ http://www.federalreserve.gov/regulations/cg/crdtpracrul.htm. --------------------------------------------------------------------------- The Dodd-Frank Act \9\ repealed section 18(f)(1) of the FTC Act.\10\ This legislative repeal of the Board's rulemaking authority nullified the provisions in Regulation AA that were issued pursuant to that authority. Regulation AA did not transfer from the Board to the Consumer Financial Protection Bureau (Bureau) under the Dodd-Frank Act, as did other consumer protection laws and regulations.\11\ As a result, neither the Board nor the Bureau has authority to promulgate rules pursuant to the FTC Act. The Bureau, however, was given separate authority under the Dodd-Frank Act to promulgate rules to identify unfair, deceptive, or abusive acts or practices.\12\ --------------------------------------------------------------------------- \9\ Public Law 111-203, 124 Stat. 1376 (Jul. 21, 2010). \10\ See section 1092(2) of the Dodd-Frank Act. The repeal of section 18(f)(1) of the FTC Act also repealed the authorities of the former FHLBB and the NCUA. See supra note 4. Section 1092(2) of the Dodd-Frank Act did not repeal FTC Act rule writing authority for the FTC, so the FTC Credit Practices Rule remains in effect. See supra note 2. \11\ The Dodd-Frank Act transferred rule writing authority only for ``Federal consumer financial laws,'' but did not include the FTC Act in the definition of ``Federal consumer financial law.'' Therefore, Regulation AA was excluded from the authority that transferred from the Board to the Bureau. See Dodd-Frank Act sections 1061(a)(1), (b)(1) (transferring authority of ``Federal consumer financial laws'' to the Bureau) and section 1002(14) (defining ``Federal consumer financial laws''). \12\ Section 1031 of the Dodd-Frank Act. --------------------------------------------------------------------------- In August 2014, the Board published a proposal to repeal Regulation AA (Proposed Rule).\13\ Simultaneously with the proposed repeal of Regulation AA, the Board joined the Bureau, Federal Deposit Insurance Corporation, NCUA, and Office of the Comptroller of the [[Page 8134]] Currency in issuing interagency guidance stating that, depending on the facts and circumstances, a depository institution might violate the prohibition against unfair or deceptive practices in the FTC Act and the Dodd-Frank Act if it engages in the practices prohibited by the former credit practices rules.\14\ --------------------------------------------------------------------------- \13\ 79 FR 51115 (Aug. 27, 2014). \14\ ``Interagency Guidance Regarding Unfair or Deceptive Credit Practices'' (Aug. 22, 2014). http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140822a2.pdf. --------------------------------------------------------------------------- II. Discussion Fourteen commenters responded to the proposed repeal of Regulation AA. Three individual commenters stated that Regulation AA was a necessary and helpful regulation; two of these commenters stated that the Board's reasons for repealing the regulation were unclear. A comment letter received from seven consumer advocate organizations acknowledged that the Board's repeal of Regulation AA was required by the Dodd-Frank Act. In their letter, these commenters also provided recommendations to the Bureau regarding acts or practices that the Bureau now has to authority to regulate if it finds they are unfair or deceptive.\15\ --------------------------------------------------------------------------- \15\ One state chartered bank commenter did not address the proposed repeal, but objected to examiners' citations of banks for unfair or deceptive practices in the supervisory process. Two individual commenters did not address the proposed repeal of Regulation AA. --------------------------------------------------------------------------- Eight commenters addressed the interagency guidance that was issued simultaneously with the proposed repeal of Regulation AA. One individual commenter believed the guidance would discourage banks from engaging in unfair or deceptive acts or practices, but seven consumer advocate commenters recommended strengthening the guidance language. The consumer advocate commenters also recommended that the Board issue additional guidance regarding other acts or practices that the commenters believe should be declared unfair or deceptive acts or practices. The Board is finalizing the repeal of Regulation AA as proposed. As the Board discussed in the Proposed Rule, the Dodd-Frank Act eliminated the Board's rule writing authority under the FTC Act, which nullified the regulation. The Board will continue to monitor developments with respect to unfair or deceptive acts or practices and assess whether to issue additional supervisory guidance. The repeal of Regulation AA also eliminates Subpart A of the regulation, which generally describes the internal procedures used by the Board in handling consumer complaints. The Board did not receive comment on the removal of these internal procedures from the Code of Federal Regulations. Information about how the Board processes consumer complaints is provided on the Board's public Web site.\16\ --------------------------------------------------------------------------- \16\ https://www.federalreserveconsumerhelp.gov/. --------------------------------------------------------------------------- III. Final Regulatory Flexibility Analysis The Regulatory Flexibility Act \17\ (RFA) generally requires an agency to perform an assessment of the impact a rule is expected to have on small entities. Based on its analysis, and for the reasons stated below, the Board believes that this final rule will not have a significant economic impact on a substantial number of small entities. --------------------------------------------------------------------------- \17\ 5 U.S.C. 601 et seq. --------------------------------------------------------------------------- 1. Statement of the need for, and objectives of, the final rule. Regulation AA was issued pursuant to section 18(f)(1) of the FTC Act. As noted above, the Dodd-Frank Act repealed this provision of the FTC Act.\18\ Accordingly, the Board is repealing its Regulation AA. --------------------------------------------------------------------------- \18\ See section 1092(2) of the Dodd-Frank Act. --------------------------------------------------------------------------- 2. Summary of issues raised by comments in response to the initial regulatory flexibility analysis. The Board did not receive any comments on the initial regulatory flexibility analysis. 3. Small entities affected by the final rule. The final rule repeals Regulation AA, which was issued pursuant to section 18(f)(1) of the FTC. As a result of the FTC Act amendments made by the Dodd-Frank Act, the Board no longer has rule writing authority under section 18(f)(1). The legislative repeal of the Board's rulemaking authority nullified the provisions in Regulation AA that were issued pursuant to that authority. Consequently, the Board's repeal of the regulation, which no longer has legal effect, will not affect any entity, including any small entity. The repeal of Regulation AA will also remove information about how the Board processes consumer complaints from the Code of Federal Regulations. This is not expected to have an effect on small entities because that information is provided on the Board's public Web site. 4. Recordkeeping, reporting, and compliance requirements. The final rule repeals Regulation AA and therefore does not impose any recordkeeping, reporting, or compliance requirements on any entities. 5. Significant alternatives to the final revisions. Because the repeal of Regulation AA will have no impact, there are no alternatives that would further minimize the economic impact of the final rule on small entities. IV. Paperwork Reduction Act In accordance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule under the authority delegated to the Federal Reserve by the Office of Management and Budget (OMB). The final rule contains no requirements subject to the PRA. List of Subjects in 12 CFR Part 227 Banks, Banking, Consumer protection, Credit, Federal Reserve System, Finance. Authority and Issuance For the reasons set forth in the preamble, and under the authority of section 1092(2) of Public Law 111-203, 124 Stat. 1376 (Jul. 21, 2010), the Board amends 12 CFR chapter II by removing part 227. PART 227--[REMOVED] By order of the Board of Governors of the Federal Reserve System, February 11, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016-03228 Filed 2-17-16; 8:45 am] BILLING CODE-P
![8133
Rules and Regulations Federal Register
Vol. 81, No. 32
Thursday, February 18, 2016
This section of the FEDERAL REGISTER Prior to amendments to the FTC Act In addition, Regulation AA contained
contains regulatory documents having general made by the Dodd-Frank Act in 2010, a provision that informed consumers
applicability and legal effect, most of which section 18(f)(1) of the FTC Act required how to file a complaint regarding a state
are keyed to and codified in the Code of the Board to promulgate rules member bank and explained the Board’s
Federal Regulations, which is published under applicable to banks that were procedure for responding to such
50 titles pursuant to 44 U.S.C. 1510.
‘‘substantially similar’’ to these FTC complaints.6 Regulation AA also
The Code of Federal Regulations is sold by rules, with some exceptions.3 In contained information regarding state
the Superintendent of Documents. Prices of addition, section 18(f)(1) of the Act exemptions from the credit practices
new books are listed in the first FEDERAL provided the Board the authority to rule.7 The Board published, separately
REGISTER issue of each week. prescribe additional rules for banks from the regulation, Staff Guidelines to
addressing unfair or deceptive acts or clarify how Regulation AA applied in
practices—regardless of whether the particular circumstances.8
FEDERAL RESERVE SYSTEM FTC had promulgated rules about such The Dodd-Frank Act 9 repealed
acts or practices. The Act also required section 18(f)(1) of the FTC Act.10 This
12 CFR Part 227 the Board to take appropriate action on legislative repeal of the Board’s
[Docket No. R–1490; RIN 7100 AE–19] complaints about unfair or deceptive rulemaking authority nullified the
acts or practices by banks.4 provisions in Regulation AA that were
Unfair or Deceptive Acts or Practices Pursuant to its rule writing authority issued pursuant to that authority.
(Regulation AA) in section 18(f)(1) of the FTC Act, the Regulation AA did not transfer from the
Board issued Regulation AA, including Board to the Consumer Financial
AGENCY: Board of Governors of the the Board’s credit practices rule, which Protection Bureau (Bureau) under the
Federal Reserve System. was adopted in 1985.5 The Board’s Dodd-Frank Act, as did other consumer
ACTION: Final rule. credit practices rule was substantially protection laws and regulations.11 As a
similar to the FTC’s Credit Practices result, neither the Board nor the Bureau
SUMMARY: The Board of Governors of the Rule; in adopting the rule, the Board has authority to promulgate rules
Federal Reserve System (Board) is relied on the extensive findings that had pursuant to the FTC Act. The Bureau,
repealing its Regulation AA, which was been made by the FTC that the however, was given separate authority
issued pursuant to its rule writing prohibited practices were unfair or under the Dodd-Frank Act to
authority under section 18(f)(1) of the deceptive. promulgate rules to identify unfair,
Federal Trade Commission Act (FTC The Board’s credit practices rule in deceptive, or abusive acts or practices.12
Act or Act). Section 1092(2) of the Regulation AA prohibited banks from In August 2014, the Board published
Dodd-Frank Wall Street Reform and using certain remedies to enforce a proposal to repeal Regulation AA
Consumer Protection Act (Dodd-Frank consumer credit obligations and from (Proposed Rule).13 Simultaneously with
Act) repealed section 18(f)(1) of the FTC including these remedies in their the proposed repeal of Regulation AA,
Act, thus eliminating the Board’s rule consumer credit contracts. The rule also the Board joined the Bureau, Federal
writing authority under the Act. prohibited banks from: (1) Obligating a Deposit Insurance Corporation, NCUA,
DATES: The final rule is effective March co-signer on the debt unless the co- and Office of the Comptroller of the
21, 2016. signer previously received a clear and 6 12 CFR 227.2. This provision listed an address
FOR FURTHER INFORMATION CONTACT: conspicuous written notice explaining to which consumers may send their complaint, and
Mandie K. Aubrey, Counsel, Division of the nature of the co-signer’s obligations explained that consumers will receive, within 15
Consumer and Community Affairs, at and liabilities under the contract; and business days, either a substantive response or an
(2) imposing a late fee when a consumer acknowledgment setting a reasonable time for a
(202) 452–3667, Board of Governors of substantive response.
the Federal Reserve System, 20th and C makes a full loan payment on time or 7 12 CFR 227.16.
Streets NW., Washington, DC 20551. For within the grace period, solely because 8 http://www.federalreserve.gov/regulations/cg/
users of Telecommunications Device for the consumer did not pay a previous crdtpracrul.htm.
the Deaf (TDD) only, contact (202) 263– late fee imposed on an earlier 9 Public Law 111–203, 124 Stat. 1376 (Jul. 21,
4869. installment (the ‘‘pyramiding’’ of late 2010).
10 See section 1092(2) of the Dodd-Frank Act. The
SUPPLEMENTARY INFORMATION: fees). repeal of section 18(f)(1) of the FTC Act also
repealed the authorities of the former FHLBB and
I. Background 3 Section 18(f)(1) of the Act was previously
the NCUA. See supra note 4. Section 1092(2) of the
codified at 15 U.S.C. 57a(f)(1). The Board was not Dodd-Frank Act did not repeal FTC Act rule writing
The FTC Act directs the Federal Trade required to impose substantially similar rules if it authority for the FTC, so the FTC Credit Practices
Commission (FTC) to promulgate rules found that: (1) Such acts or practices of banks were Rule remains in effect. See supra note 2.
to define and prevent unfair or not unfair or deceptive, or (2) implementation of 11 The Dodd-Frank Act transferred rule writing
deceptive acts or practices for persons similar regulations with respect to banks would authority only for ‘‘Federal consumer financial
seriously conflict with essential monetary and laws,’’ but did not include the FTC Act in the
other than banks, savings and loans, and payments systems policies of the Board. definition of ‘‘Federal consumer financial law.’’
Federal credit unions.1 Pursuant to the
wgreen on DSK2VPTVN1PROD with RULES
4 The same authority that was conferred to the Therefore, Regulation AA was excluded from the
Act, in 1984 the FTC issued its Credit Board by section 18(f)(1) of the Act also applied to authority that transferred from the Board to the
Practices Rule, which applied to the Federal Home Loan Bank Board (FHLBB) Bureau. See Dodd-Frank Act sections 1061(a)(1),
(predecessor to the Office of Thrift Supervision), (b)(1) (transferring authority of ‘‘Federal consumer
persons within the FTC’s jurisdiction.2 financial laws’’ to the Bureau) and section 1002(14)
with respect to savings associations, and to the
National Credit Union Administration (NCUA), (defining ‘‘Federal consumer financial laws’’).
1 15 U.S.C. 45 and 57a(a)(1). with respect to Federal credit unions. 12 Section 1031 of the Dodd-Frank Act.
2 16 CFR 444.1–.5. 5 12 CFR part 227, subpart B. 13 79 FR 51115 (Aug. 27, 2014).
VerDate Sep<11>2014 14:29 Feb 17, 2016 Jkt 238001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\18FER1.SGM 18FER1](https://thefederalregister.org/doc/81_FR_8165/page/1.svg)
![8134 Federal Register / Vol. 81, No. 32 / Thursday, February 18, 2016 / Rules and Regulations
Currency in issuing interagency removal of these internal procedures further minimize the economic impact
guidance stating that, depending on the from the Code of Federal Regulations. of the final rule on small entities.
facts and circumstances, a depository Information about how the Board
IV. Paperwork Reduction Act
institution might violate the prohibition processes consumer complaints is
against unfair or deceptive practices in provided on the Board’s public Web In accordance with the Paperwork
the FTC Act and the Dodd-Frank Act if site.16 Reduction Act (PRA) of 1995 (44 U.S.C.
it engages in the practices prohibited by 3506; 5 CFR 1320 Appendix A.1), the
the former credit practices rules.14 III. Final Regulatory Flexibility Board reviewed the rule under the
Analysis authority delegated to the Federal
II. Discussion Reserve by the Office of Management
The Regulatory Flexibility Act 17
Fourteen commenters responded to (RFA) generally requires an agency to and Budget (OMB). The final rule
the proposed repeal of Regulation AA. perform an assessment of the impact a contains no requirements subject to the
Three individual commenters stated rule is expected to have on small PRA.
that Regulation AA was a necessary and entities. Based on its analysis, and for
helpful regulation; two of these List of Subjects in 12 CFR Part 227
the reasons stated below, the Board
commenters stated that the Board’s believes that this final rule will not have Banks, Banking, Consumer protection,
reasons for repealing the regulation a significant economic impact on a Credit, Federal Reserve System,
were unclear. A comment letter received substantial number of small entities. Finance.
from seven consumer advocate 1. Statement of the need for, and Authority and Issuance
organizations acknowledged that the objectives of, the final rule. Regulation
Board’s repeal of Regulation AA was For the reasons set forth in the
AA was issued pursuant to section preamble, and under the authority of
required by the Dodd-Frank Act. In their 18(f)(1) of the FTC Act. As noted above,
letter, these commenters also provided section 1092(2) of Public Law 111–203,
the Dodd-Frank Act repealed this 124 Stat. 1376 (Jul. 21, 2010), the Board
recommendations to the Bureau provision of the FTC Act.18
regarding acts or practices that the amends 12 CFR chapter II by removing
Accordingly, the Board is repealing its part 227.
Bureau now has to authority to regulate
Regulation AA.
if it finds they are unfair or deceptive.15
Eight commenters addressed the 2. Summary of issues raised by PART 227—[REMOVED]
interagency guidance that was issued comments in response to the initial
simultaneously with the proposed regulatory flexibility analysis. The By order of the Board of Governors of the
repeal of Regulation AA. One individual Board did not receive any comments on Federal Reserve System, February 11, 2016.
commenter believed the guidance the initial regulatory flexibility analysis. Robert deV. Frierson,
would discourage banks from engaging 3. Small entities affected by the final Secretary of the Board.
in unfair or deceptive acts or practices, rule. The final rule repeals Regulation [FR Doc. 2016–03228 Filed 2–17–16; 8:45 am]
but seven consumer advocate AA, which was issued pursuant to BILLING CODE–P
commenters recommended section 18(f)(1) of the FTC. As a result
strengthening the guidance language. of the FTC Act amendments made by
The consumer advocate commenters the Dodd-Frank Act, the Board no
DEPARTMENT OF TRANSPORTATION
also recommended that the Board issue longer has rule writing authority under
additional guidance regarding other acts section 18(f)(1). The legislative repeal of Federal Aviation Administration
or practices that the commenters believe the Board’s rulemaking authority
should be declared unfair or deceptive nullified the provisions in Regulation 14 CFR Part 39
acts or practices. AA that were issued pursuant to that
The Board is finalizing the repeal of authority. Consequently, the Board’s [Docket No. FAA–2016–0467; Directorate
Identifier 2016–NM–008–AD; Amendment
Regulation AA as proposed. As the repeal of the regulation, which no
39–18395; AD 2016–04–01]
Board discussed in the Proposed Rule, longer has legal effect, will not affect
the Dodd-Frank Act eliminated the any entity, including any small entity. RIN 2120–AA64
Board’s rule writing authority under the The repeal of Regulation AA will also
FTC Act, which nullified the regulation. remove information about how the Airworthiness Directives; Airbus
The Board will continue to monitor Board processes consumer complaints Airplanes
developments with respect to unfair or from the Code of Federal Regulations. AGENCY: Federal Aviation
deceptive acts or practices and assess This is not expected to have an effect on Administration (FAA), Department of
whether to issue additional supervisory small entities because that information Transportation (DOT).
guidance. is provided on the Board’s public Web ACTION: Final rule; request for
The repeal of Regulation AA also site. comments.
eliminates Subpart A of the regulation, 4. Recordkeeping, reporting, and
which generally describes the internal compliance requirements. The final rule SUMMARY: We are superseding
procedures used by the Board in repeals Regulation AA and therefore Airworthiness Directive (AD) 2015–26–
handling consumer complaints. The does not impose any recordkeeping, 02 for all Airbus Model A330–200,
Board did not receive comment on the reporting, or compliance requirements A330–200 Freighter, and A330–300
on any entities. series airplanes; and Airbus Model
14 ‘‘Interagency Guidance Regarding Unfair or
5. Significant alternatives to the final A340–200, A340–300, A340–500, and
Deceptive Credit Practices’’ (Aug. 22, 2014).
revisions. Because the repeal of A340–600 series airplanes. AD 2015–
wgreen on DSK2VPTVN1PROD with RULES
http://www.federalreserve.gov/newsevents/press/
bcreg/bcreg20140822a2.pdf. Regulation AA will have no impact, 26–02 required, for certain airplanes,
15 One state chartered bank commenter did not
there are no alternatives that would identification of the part number, serial
address the proposed repeal, but objected to number, and standard of the ram air
examiners’ citations of banks for unfair or deceptive
practices in the supervisory process. Two
16 https://www.federalreserveconsumerhelp.gov/. turbine (RAT) pump, RAT module, RAT
individual commenters did not address the 17 5 U.S.C. 601 et seq. actuator, and RAT lower gearbox
proposed repeal of Regulation AA. 18 See section 1092(2) of the Dodd-Frank Act. assembly; replacement of the balance
VerDate Sep<11>2014 14:29 Feb 17, 2016 Jkt 238001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\18FER1.SGM 18FER1](https://thefederalregister.org/doc/81_FR_8165/page/2.svg)
Document Created: 2016-02-18 07:46:59
Document Modified: 2016-02-18 07:46:59
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | The final rule is effective March 21, 2016. | |
| Contact | Mandie K. Aubrey, Counsel, Division of Consumer and Community Affairs, at (202) 452-3667, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869. | |
| FR Citation | 81 FR 8133 | |
| CFR Associated | Banks; Banking; Consumer Protection; Credit; Federal Reserve System and Finance |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR