WASHINGTON — In a new realm for NAFCU, the trade association decided to comment on the Office of Thrift Supervision's advance notice of proposed rulemaking regarding unfair or deceptive acts or practices, an item that has no direct implications for credit unions.

OTS, like NCUA, is granted rulemaking authority in this area under the Federal Trade Commission Act. In an apparent attempt to head off a spread of this review of regarding unfair or deceptive acts or practices regulation, NAFCU said such a move is not necessary at this time.

"America's credit unions are dedicated to promoting fair and equitable practices in financial services activities," NAFCU Associate Director of Regulatory Affairs Pamela Yu wrote. "Always remaining true to their original mission of promoting thrift and serving the provident credit needs of their members, NAFCU and its member credit unions are strongly supportive of efforts to frustrate unfair or deceptive acts in the financial services industry. However…NAFCU does not believe that it is necessary for OTS or the other federal financial regulators to pursue additional regulation on unfair or deceptive acts or practices."