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Federal Reserve System; Department of the Treasury, Office of Thrift Supervision; and National Credit Union Administration: Unfair or Deceptive Acts or Practices

Report Type Reports and Testimonies
Report Date March 5, 2009
Report No. GAO-09-421R
Agency Department of the Treasury: Office of Thrift Supervision
Subject
Summary:

GAO reviewed the Federal Reserve System (FRS), Department of the Treasury, Office of Thrift Supervision (OTC), and National Credit Union Administration's (NCUA) new rule on unfair or deceptive acts or practices. GAO found that (1) the final rule prohibits institutions from engaging in certain acts or practices in connection with consumer credit card accounts that the agencies have determined are unfair or deceptive; and (2) FRS, OTC, and NCUA complied with applicable requirements in promulgating the rule.

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