Federal Reserve Board Takes Action to Address Consumer Rights

Federal Reserve Board Takes Action

The Federal Reserve Board has taken action to address consumer complaints regarding certain banking practices. The action includes a $3.5 million civil penalty against a major bank and a consent order requiring the bank to improve its compliance with consumer protection laws.

Conducts the Nation's Monetary Policy

The Federal Reserve System, often shortened to the Federal Reserve or simply the Fed, is the central banking system of the United States. The Fed conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates.

Conclusion

The Federal Reserve Board's action is a reminder that consumers have rights and that banks must comply with consumer protection laws. Consumers should be aware of their rights and should not hesitate to file a complaint if they believe they have been treated unfairly by a bank.