FTC Approves Filing of Staff Comment with the Office of Thrift Supervision Regarding Its Review of Regulations on Unfair or Deceptive Acts and Practices

The Commission has approved the filing of a staff comment with the Office of Thrift Supervision (OTS) in response to its request for information concerning whether it should expand its current regulations prohibiting thrifts from engaging in specific unfair or deceptive acts and practices.

The staff comment sets forth the general principles of unfairness and deception that have been established under the FTC Act. The comment also discusses how the Commission has applied these principles over many decades to protect consumers of financial services from unfair and deceptive practices. The staff comment recommends that the OTS consider the Commission’s experience in determining whether to use its authority to impose rules that prohibit or restrict thrifts from engaging in particular acts and practices because they are unfair or deceptive.

The FTC vote approving the filing of the staff comments was 5-0. Copies of the comment can be found as a link to this press release on the Commission’s Web site. (FTC File No. P08-4800; the staff contact is Allison I. Brown, 202-326-3079)