PRIA Logo™
Title 15, Commerce and TradeRelease 119-73not60

§57b–4 Good Faith Reliance on Actions of Board of Governors

Title 15 › Chapter 2— FEDERAL TRADE COMMISSION; PROMOTION OF EXPORT TRADE AND PREVENTION OF UNFAIR METHODS OF COMPETITION › Subchapter I— FEDERAL TRADE COMMISSION › § 57b–4

Last updated Apr 3, 2026|Official source

Summary

Protects a person or business who is accused of breaking a federal law when that law is one the Federal Reserve Board can make rules for, if they honestly relied on and followed a Board rule, regulation, official interpretation, or approval. That protection still applies even if the Board later changes the guidance or a court or other authority strikes it down. Board of Governors — means the Board of Governors of the Federal Reserve System.

Full Legal Text

Title 15, §57b–4

Commerce and Trade, Source: USLM XML via OLRC

(a)For purposes of this section, the term “Board of Governors’ means the Board of Governors” of the Federal Reserve System.
(b)Notwithstanding any other provision of law, if—
(1)any person, partnership, or corporation engages in any conduct or practice which allegedly constitutes a violation of any Federal law with respect to which the Board of Governors of the Federal Reserve System has rulemaking authority; and
(2)such person, partnership, or corporation engaged in such conduct or practice in good faith reliance upon, and in conformity with, any rule, regulation, statement of interpretation, or statement of approval prescribed or issued by the Board of Governors under such Federal law;
(c)The provisions of subsection (b) shall apply regardless of whether any rule, regulation, statement of interpretation, or statement of approval prescribed or issued by the Board of Governors is amended, rescinded, or held to be invalid by judicial authority or any other authority after a person, partnership, or corporation has engaged in any conduct or practice in good faith reliance upon, and in conformity with, such rule, regulation, statement of interpretation, or statement of approval.
(d)If, in any case in which—
(1)the Board of Governors has rulemaking authority with respect to any Federal law; and
(2)the Commission is authorized to enforce the requirements of such Federal law;

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section effective May 28, 1980, see section 23 of Pub. L. 96–252, set out as an

Effective Date

of 1980 Amendment note under section 45 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 57b–4

Title 15, Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60