A number of federal consumer protection laws and regulations govern the activities of financial institutions. The Consumer Affairs section of the Federal Reserve Bank of Richmond has responsibility for ensuring that Fifth District state member banks comply with the provisions of these laws and regulations.

Consumer Affairs examiners ensure compliance with consumer protection laws and regulations that cover many aspects of an institution's lending and deposit functions. For instance, the laws and regulations govern what disclosures an institution must provide for consumers obtaining loans and for consumers opening deposit accounts. Other consumer protection laws prohibit institutions from discriminating in the lending process. Still others ensure that mortgage borrowers receive detailed information about their real estate loan transactions

Consumer Affairs staff provide educational outreach to District institutions and consumers in order to ensure that consumers receive comprehensive information and fair treatment.

The Communitv Reinvestment Act (CRA) was enacted by Congress in 1977 and is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate.

A comprehensive list of regulations that protect consumers is listed on the Federal Reserve Bank of Chicago's web site.