Banking Regulations and Consumer Protection

Several regulatory agencies ensure the safety and fairness of banking services:

• Federal Deposit Insurance Corporation (FDIC):
  • Insures deposits in commercial banks up to $250,000 per depositor.
• National Credit Union Administration (NCUA):
  • Provides similar insurance for credit union deposits.
• Consumer Financial Protection Bureau (CFPB):
  • Ensures consumer protection by regulating financial products and services.
• Truth in Savings Act (TISA):
  • Requires banks to disclose interest rates, fees, and terms associated with accounts.