The Federal Reserve has launched a new Consumer Compliance Supervision Bulletin that will share information about examiners’ observations and other developments related to consumer protection. The bulletin will also provide practical steps that banks can consider when addressing consumer compliance risk.
The first issue examines the issue of redlining, exploring the key risk factors the Federal Reserve considers in its redlining review and some practical steps for mitigating risk. It also delves into unfair or deceptive acts or practices related to student financial products and services, overdrafts and loan officer misrepresentations. The bulletin also highlights regulatory policy developments, including the FFIEC’s Uniform Interagency Consumer Compliance Rating System and recent changes to the Military Lending Act regulations.