DEHS Files Comments On Possible Federal Rules On Unfair or Deceptive Practices
Members of the DEHS Financial Institutions Practice Group recently filed comments with the federal Office of Thrift Supervision (OTS) on whether the agency should adopt additional rules or modify existing ones prohibiting unfair or deceptive acts or practices.
The OTS, which regulates federally-chartered thrift institutions, in August requested comments on whether to issue rules that would provide additional guidance on what might constitute unfair or deceptive practices in violation of the Federal Trade Commission Act. It also sought comment on whether certain practices should be banned outright. The examples cited by the OTS included certain credit card practices. Comments were due in early November.
DEHS indicated that current OTS regulations adequately define unfair or deceptive acts or practices. In the event changes are considered, the DEHS attorneys suggested any such changes be ones that can “evolve as products, practices and services change” and that any new guidance be consistent with existing ones issued by other federal agencies. The initial OTS proposal and the comments received by the OTS, including the DEHS comment letter, are available at: http://www.ots.treas.gov/CL.CFM?DON=73373&AN=1&catNumber=67.
The DEHS comments were prepared by Dixie Hieb and Charles Gullickson, with assistance from Tiffany Miller. Hieb and Gullickson are members of the Financial Institutions Practice Group, which provides legal counsel and advice to a variety of financial institutions and credit-related entities regulated not only by the OTS but other federal and state agencies.