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Banking
The Federal Reserve Board has the responsibility for supervising regulations that pertain to organizations providing banking and financial services and who are members of the Federal Reserve. Non-compliance can result in significant penalties including the forced business closure. Examples of these regulations are as follows:
- Reg B - Equal Credit Opportunity
- Reg C - Home Mortgage Disclosure Act (HMDA)
- Reg E - Electronic Funds Transfer
- Reg M - Consumer Leasing
- Reg O - Loans to Executive Offices, Directors, and Principal Shareholder Member Banks
- Reg P - Privacy of Consumer Financial Information
- Reg Z - Truth in Lending
- Reg AA - Unfair or Deception Acts or Practices
- Reg DD - Truth in Savings
In addition to the "alphabet" regulations, banks are subject to many of the anti-terrorist and privacy laws that are enacted by federal and state governments. The most notable laws relate to the Bank Secrecy Act (BSA), USA PATRIOT Act, Gramm-Leach-Bliley Act, and Anti-Money Laundering (AML).
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