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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
Laws where the Board's regulations apply to all banks
Laws where the Board's regulations apply to state member banks only, but where the other financial regulators have adopted parallel regulations
Laws enforced by the Federal Reserve with respect to state member banks, but which do not involve Board regulations
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.