I'm confused....I see that the Fed is repealing Regulation AA (UDAP) but thought that the Federal Reserve, OCC, FDIC rely on this regulation when citing violations related to unfair and deceptive practices, while the CFPB relies on UDAAP. Does this mean that only the CFPB is able to levy a UDAAP violation, or all of the regulators will now be able to cite UDAAP violations?

Any assistance would be greatly appreciated...I'm probably misunderstanding something.

Thank you!

The fed is no longer responsible for writing the rules on this topic so it is being repealed as Fed Rule AA and will be a new rule under the CFPB's rule making authority. It will still work the way it always has - you are still responsible for Reg. Z , Reg. B, etc...even though that has been transferred from the fed to the CFPB.