CA 19-12: Consumer Compliance Supervision Bulletin

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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