Federal Reserve Board Repeals Regulation AA (Fed. Reg.)

The Board of Governors of the Federal Reserve System (the "Board") published the repeal of Regulation AA in the Federal Register. Regulation AA includes the Board's Credit Practices Rule, which prohibited banks from using certain remedies to enforce consumer credit obligations. Section 1092(2) of the Dodd-Frank Act repealed Section 18(f)(1) of the Federal Trade Commission Act which eliminated the Board's rule-writing authority and caused the Board to repeal or revisit certain regulations.

The final rule will become effective on March 21, 2016.