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Thursday, August 28, 2014

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Compliance Corner: Third Quarter 2002

Consumer Laws and Regulations: Leveling the Playing Field

It is no secret that Compliance Officers in state member banks and bank holding companies are responsible for ensuring compliance with a number of consumer-related laws and regulations. What sometimes is not clear is exactly which institutions are required to comply with which laws and regulations.

As detailed below, the Board of Governors has assumed a substantial role in the consumer area, and many of the Board's regulations apply to a myriad of covered institutions-such as retailers, finance companies, and mortgage bankers-in addition to depository institutions. With regard to consumer regulations, the playing field is nearly level.

Laws where the Board's regulations apply to all covered institutions

  • Consumer Leasing Act (Regulation M)
  • Electronic Fund Transfer Act (Regulation E)
  • Equal Credit Opportunity Act (Regulation B)
  • Home Mortgage Disclosure Act (Regulation C)
  • Truth in Lending Act (Regulation Z)
  • Truth in Savings Act (Regulation DD)

Laws where the Board's regulations apply to all banks

  • Expedited Funds Availability Act (Regulation CC)
  • Unfair or Deceptive Acts or Practices Act (Regulation AA)

Laws where the Board's regulations apply to state member banks only, but where the other financial regulators have adopted parallel regulations

  • Community Reinvestment Act (Regulation BB)
  • CRA Sunshine Requirements (Regulation G)
  • Flood Disaster Protection Act (Regulation H)
  • Insurance Consumer Protection (Regulation H, Subpart H)
  • Privacy of Consumer Financial Information (Regulation P)

Laws enforced by the Federal Reserve with respect to state member banks, but which do not involve Board regulations

  • Fair Credit Reporting Act (no regulation)
  • Fair Debt Collection Practices Act (no regulation)
  • Fair Housing Act (no regulation)
  • Real Estate Settlement Procedures Act (HUD regulation)
  • Right to Financial Privacy Act (Regulation S, limited scope)

The views expressed in this article are those of the author and are not necessarily those of this Reserve Bank or the Federal Reserve System.

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