In addition, we work with other federal agencies to write joint rules, for example, to ensure that consumers’ financial privacy is protected. The Federal Reserve also examines state member banks and foreign banking organizations and exercises its umbrella supervisory authority with respect to bank and financial holding companies to address compliance with consumer protection laws and regulations.
The Federal Reserve is committed to vigorous enforcement of those laws. Further, the Federal Reserve develops consumer education materials, recognizing that well-educated consumers are better able to protect themselves in financial transactions. Clearly, to choose wisely from the variety of products and providers available, consumers must have the financial knowledge to navigate today’s increasingly complex financial services marketplace.