3.2: Communications and Collaborations

Promote, develop, and strengthen effective communications and collaborations within the Board, the Federal Reserve Banks, and other agencies and organizations.

Other Information:

This objective will be pursued in part through the following actions: • Maintain ongoing and consistent contact with Board members, especially with the Division of Consumer and Community Affairs’ oversight committee, to keep them apprised of emerging issues, high-priority initiatives, pending policy matters, and the implications and consequences of the Board’s options and actions. • Maintain effective relationships with senior management and staff at the Reserve Banks, and seek their participation in policy development and implementation. • Collaborate with other Board divisions on matters of overlapping or mutual interest. • Work effectively with other government agencies and interested parties to receive input on issues and strengthen policies and to assist in the identification and development of best practices. • Provide thoughtful, sound legal analysis, counsel, and policy recommendations in support of the Board’s statutory and regulatory responsibilities. Discussion: The Board has rule-writing authority for implementing consumer financial services laws that apply to financial institutions, retailers, finance companies, and mortgage bankers, as well as other nonbank businesses. It is important to ensure that the regulations governing the provision of consumer financial products and services keep pace with the increasing complexity of the products and their pricing structures. Board regulations that are targeted for review will focus on simplifying and improving the information that consumers receive, consistent with the legislative purpose, without imposing unnecessary burden on the financial services industry. The Board also works in collaboration with System banks to identify and explore issues of availability of credit and capital to individuals and businesses and to better understand current challenges and impediments to expanding credit access.

Indicator(s):

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