in other cases, the contract may be a negotiable instrument in which the person receiving the instrument may become a holder in due course, which is similar to an assignee except that issues, such as lack of performance, by the assignor may not be a valid defense for the obligor. as a response, the united states federal trade commission promulgated rule 433, formally known as the "trade regulation rule concerning preservation of consumers' claims and defenses", which "effectively abolished the [holder in due course] doctrine in consumer credit transactions". in 2012, the commission reaffirmed the regulation.