Federal Reserve Release, Press Release; image with eagle logo links to home page
Release Date: May 30, 2002

For immediate release

The Federal Reserve Board on Thursday released a letter from Chairman Alan Greenspan to Rep. John J. LaFalce confirming the application to banks of the prohibition contained in section 5 of the Federal Trade Commission Act against unfair or deceptive acts or practices.

The letter also confirms that the federal banking agencies are legally authorized to use enforcement powers under section 8 of the Federal Deposit Insurance Act against violations of this prohibition.

Attachment (107 KB PDF)

2002 Banking and consumer regulatory policy

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Last update: May 30, 2002