Consumer Complaint Program
The Federal Reserve responds to inquiries and complaints from the
public about the policies and practices of financial institutions involving
consumer protection issues. Each Reserve Bank has staff whose primary
responsibility is to investigate consumer complaints about state member banks
and refer complaints about other institutions to the appropriate regulatory
agencies. The Federal Reserve’s responses not only address the concerns raised
but also educate consumers about financial matters.
The Federal Reserve Board maintains information on consumer inquiries
and complaints in a database, which it regularly reviews to identify potential
problems at individual financial institutions and, as required by the Federal
Trade Commission Improvement Act, to uncover potentially unfair or deceptive
practices within the banking industry. Complaint data are a critical component
of the risk focused supervisory program and are used as a risk factor to assess
a bank’s compliance with consumer regulations. Data about consumer complaints
are also used to determine the need for future regulations or educational
efforts.