Fed Expands Its Consumer Protection Regulation

Law360, New York (September 16, 2009, 12:50 PM EDT) -- The Federal Reserve has announced that it will begin regulating the nonbank subsidiaries of bank holding companies, including those that generate mortgages, credit cards and other consumer financial products.

In addition to monitoring the risk profiles of the nonbank subsidiaries, including the quality of loans, the Fed will also have the authority to investigate consumer complaints against those subsidiaries, according to a statement Tuesday announcing the policy. The new powers went into effect the same day.

“This policy is designed to enhance our understanding of the...
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