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Consumer Banking and Payments Law: 1.2.1 Overview

Recent years have witnessed unprecedented innovations in forms of payments, while applicable law has struggled to keep up. Some forms of payment are loosely and unevenly regulated. Some transactions that are identical from the consumer’s perspective are in fact regulated by entirely different sets of laws.

Unfair and Deceptive Acts and Practices: 2.2.1.5.1 FTC Act

A final problem with UDAP coverage of credit practices is possible preemption by other credit statutes or regulatory schemes.369 The prohibition against unfair or deceptive acts or practices in the FTC Act does not exempt banks, but the FTC is not empowered to enforce this prohibition against banks, savings and loan institutions, and federal credit unions.370 Instead, the Consumer Financial Protection Bureau and federal banking regulators such as the Comptroller of the Currency enforce the FTC A