The Federal Reserve Board has informed the public that it has launched the Consumer Compliance Supervision Bulletin – a new publication that will provide bankers and others interested in consumer protection with high-level summaries of pertinent supervisory issues. The Bulletin complements other Federal Reserve System outreach programs for banking organizations, such as the Consumer Compliance Outlook publication and its companion webinar series, Outlook Live.
The Bulletin, which will be published by the Board’s Division of Consumer and Community Affairs, is intended to enhance transparency regarding the Federal Reserve’s consumer compliance supervisory program, and highlight violations that have been identified. It will also provide practical steps for institutions to consider when managing consumer compliance risks.
The inaugural issue of the Bulletin focuses on the illegal discrimination practice known as “redlining,” as well as discriminatory loan pricing and underwriting. The issue also discusses unfair or deceptive acts or practices involving overdrafts, loan officer misrepresentations, and products and services marketed to students. Finally, the Bulletin briefly highlights recent regulatory and policy developments.