Consumer Compliance

A number of federal consumer protection laws and regulations govern the activities of financial institutions. The Consumer Affairs section of the Federal Reserve Bank of Minneapolis has responsibility for ensuring that Ninth District state member banks comply with the provisions of these laws and regulations. The section also has responsibility for handling consumer complaints against such institutions.

Consumer Affairs examiners ensure compliance with consumer protection laws and regulations that cover many aspects of an institution's lending and deposit functions. For instance, the laws and regulations govern what disclosures an institution must provide for consumers obtaining loans and for consumers opening deposit accounts. Other consumer protection laws prohibit institutions from discriminating in the lending process. Still others ensure that mortgage borrowers receive detailed information about their real estate loan transactions.

Appeals Procedures

The Federal Reserve Bank of Minneapolis has developed procedures for a state member bank, bank holding company, or financial holding
company to appeal certain types of material supervisory determinations.

Resources

A wide variety of compliance-related resources exist to help bankers and consumers better understand the many consumer protection laws and regulations that govern financial institutions.