Regulatory AlertsCA 19-12: Consumer Compliance Supervision Bulletin
The Board of Governors of the Federal Reserve System issued this bulletin to provide senior executives with high-level summaries of pertinent supervisory issues and enhance transparency regarding the Board’s consumer compliance program. The document highlights specific supervisory observations concerning financial technology collaborations, unfair or deceptive acts or practices in online and mobile banking, and fair lending risks associated with targeted internet-based marketing. Reserve Banks are instructed to distribute this letter to supervised institutions and their own supervisory staff to address these identified consumer compliance risks.
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CA 19-12 : Consumer Compliance Supervision Bulletin
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
CA 19-12
December 19, 2019
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:
Consumer Compliance Supervision Bulletin
Applicability to Community Banking Organizations: This statement applies to all institutions supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets.
The Board of Governors of the Federal Reserve System has published the attached Consumer Compliance Supervision Bulletin (Bulletin). This Federal Reserve publication provides senior executives in banking organizations and others with high-level summaries of pertinent supervisory issues. In addition, the Bulletin enhances transparency regarding the Board’s consumer compliance supervisory program by:
sharing information about our examiners’ observations and noteworthy developments related to consumer protection, and
providing practical steps that institutions may consider when addressing certain consumer compliance risks.
This issue discusses Federal Reserve supervisory observations regarding financial technology (fintech), including effective ways to manage the consumer compliance risks of a fintech collaboration, unfair or deceptive acts or practices risks related to online and mobile banking, and fair lending risks related to targeted internet-based marketing.
Reserve Banks should distribute this letter to supervised institutions in their districts, as well as to their own supervisory and examination staff. If you have any questions concerning this letter, please contact Maureen Yap, Senior Counsel, Supervisory Policy and Outreach, at (202) 452-2642. In addition, questions may be sent via the Board’s public website. 1
signed by Carol A. Evans Associate Director Division of Consumer and Community Affairs
Attachments:
Consumer Compliance Supervision Bulletin: Highlights of current issues in Federal Reserve Board consumer compliance supervision, December 2019
Notes:
1 See http://www.federalreserve.gov/apps/contactus/feedback.aspx
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Last Update:
December 19, 2019