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UDAP rule withdrawn with a twist
ALEXANDRIA, Va. (2/1/10)—As expected, the National Credit Union Administration (NCUA) at its Friday open board meeting voted to withdraw its rule on Unfair or Deceptive Acts and Practices (UDAP). The agency announced last week that it would consider withdrawing its UDAP rule. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit Card Act) essentially codified that rule and would supersede regulations to the extent there are differences among the provisions. The final UDAP rule was adopted jointly in December 2008 by the NCUA, the Federal Reserve Board, and the Office of Thrift Supervision and provisions were set to take effect July 1, 2010. The Fed has also voted to withdraw the rule. For administrative reasons the withdrawal is effective July 1. The NCUA board made it clear that federal credit union examiners will not be checking for compliance preparations with the UDAP rule, but instead will be instructed to consider a credit union’s compliance with the CARD Act provisions. Some provisions took effect Aug. 20, 2009, while most of the provisions take effect in a few weeks on Feb. 22. The only other item on the NCUA meeting agenda was the regular monthly report on the National Credit Union Share Insurance Fund. (See related story: Problem CUs continue to be an NCUA focus)


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