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Board Report: 2021-SR-B-012 October 6, 2021
The Federal Reserve System seeks to promote a fair and transparent financial services marketplace and ensure that the state member banks comply with applicable federal consumer laws and regulations. We assessed the efficiency and effectiveness of the Board's and the Reserve Banks' consumer compliance examination and enforcement action issuance processes for unfair or deceptive acts or practices (UDAP) and fair lending matters.
The Board can improve the efficiency and effectiveness of certain aspects of the consumer compliance examination and enforcement action issuance processes. Specifically, it can develop formal performance goals and target time frames for UDAP reviews, establish criteria for when a potential UDAP matter should be reviewed, and provide training to Reserve Bank consumer compliance supervision personnel on UDAP and fair lending. The Board can also enhance transparency in the UDAP and fair lending examination and enforcement action issuance processes.
This report contains recommendations.