The December 2016 update to the handbook includes the following updates:
First, the handbook includes revised examination procedures for section 5 of the Federal Trade Commission Act (FTC Act) and removes the examination procedures for the Board's Regulation AA. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the Board's authority to write rules that address unfair or deceptive acts or practices, which were contained in Regulation AA, and provided the Consumer Financial Protection Bureau separate authority to promulgate rules to identify and prohibit unfair, deceptive, or abusive acts or practices. The Board consequently repealed Regulation AA in February 2016. The FTC Act examination procedures were subsequently updated to reflect the repeal, and the Regulation AA examination procedures were retired.
Second, the handbook includes revised interagency examination procedures for the Military Lending Act (MLA). The revised procedures reflect amendments to the MLA implementing regulation made by the U.S. Department of Defense (DOD) in a final rule issued in July 2015. Among a range of other amendments, the DOD amended the regulation to extend the protections of the MLA to a wider range of closed-end and open-end credit products, including credit cards.
Third, the handbook includes revised interagency examination procedures for Regulation P. The revised examination procedures incorporate amendments made by section 75001 of the Fixing America's Surface Transportation Act (FAST Act) to section 503 of the Gramm-Leach-Bliley Act (GLBA). GLBA section 503, which is implemented by Regulation P, generally requires a financial institution to provide annual notice to its customers of its policies and practices with respect to disclosing and protecting nonpublic personal information. Section 75001 of the FAST Act was effective upon enactment on December 4, 2015, and establishes an exception to this annual privacy notice requirement.
To maintain an updated print version of the handbook, use the following instructions:
|Behind Contents tab (red):
Contents • pp. v–vi (dated 7/16)
|Contents • pp. v–vi (dated 12/16)|
|Behind the "Provisions for Servicemembers" tab (white) • "Talent Amendment" pp. 1–8
|Military Lending Act (white) • pp. 1–18
|Behind the "Regulation P" (white) tab:
Reg. P • pp. 1–41 (dated 7/16)
|Regulation P (Privacy of Consumer Financial Information) • pp. 1–41 (dated 12/16)|
|Behind the "Regulation AA" tab (white):
Reg. AA • pp. 1–13 (dated 1/06)
|White tab "Regulation AA"|
|Behind the "FTC Act Section 5" tab (white)
• "FTC Act Section 5" pp. 1–11 (dated 6/08)
|FTC Act Section 5 • pp. 1–11 (dated 12/16)|
Previous Update: July 2016