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Consumer Protection

Consumer protection is a shared responsibility among several federal agencies. The Consumer Financial Protection Bureau (CFPB) has responsibility for writing most of the federal consumer protection regulations and examines bank and non-bank financial institutions over $10 billion in assets for compliance with those laws and regulations. The Federal Reserve Board (FRB) also has some consumer protection rule writing authority and is responsible for enforcing federal consumer protection laws at state-chartered banks that are members of the Federal Reserve System, primarily those with assets of $10 billion or less. State-chartered banks that are not members of the Federal Reserve System are supervised by the Federal Deposit Insurance Corporation (FDIC) and nationally-chartered banks are supervised by the Office of the Comptroller of the Currency (OCC), primarily those with assets of $10 billion or less. The Federal Reserve, FDIC and OCC also have some limited authority for enforcing federal consumer protections laws and regulations at financial institutions over $10 billion in assets.

The Federal Reserve provides several resources to help consumers better understand bank accounts, credit cards, mortgage and other personal loans, consumer leases, credit reports and scores, identify theft, and frauds and scams.

As a consumer, you have the right to file a complaint against a financial institution you believe has either acted unfairly or deceptively towards you, discriminated against you, or violated a federal consumer protection law or regulation.  The Federal Reserve Consumer Help website assists consumers who have a problem with a bank or other financial institution.

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