The Office of the Comptroller of the Currency today issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive or Abusive Acts or Practices” booklet of the Comptroller’s Handbook. The booklet contains information for examiners regarding supervision of a bank’s practices related to section 5 of the Federal Trade Commission Act, which prohibits banks from engaging in unfair or deceptive acts or practices, and sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibit unfair, deceptive, or abusive acts or practices.
Among the changes, the updated booklet provides further clarity regarding sound risk management practices and guidance to examiners regarding overdraft services, according to the OCC. It also incorporates updates from the Consumer Financial Protection Bureau regarding data protection and information security.
