FR 2900 Fall 2014 Newsletter
The Federal Reserve Board has proposed the repeal of Regulation AA, the rules addressing unfair or deceptive acts or practices. Regulation AA is based on the Federal Trade Commission Act, and the Dodd-Frank Act repealed that part of the FTC Act. The Board and other federal financial agencies have also published guidance explaining the federal supervisory and enforcement authority over unfair or deceptive acts or practices that persists despite the repeal. The deadline for public comment is in 60 days.
A new final rule clarifies the types of guarantees eligible for treatment as regulatory capital under the advanced-approaches risk-based capital rule. The new rule takes effect October 1, 2014.
The counterfeit cashier's check scheme traditionally targets people who are selling items over the Internet or through classified ads. The cashier's check given to a seller and/or potential employee may be fraudulent and eventually returned to the bank.
The National Federal Reserve Financial Services website presents the products and services available for institutions in the Fifth District.