For immediate release

The Federal Reserve Board announced today a new Internet resource designed to help bankers and bank examiners apply consumer regulations to Internet banking. The Checkers Bank (TCB) is a mock online bank whose website contains violations of federal consumer protection regulations. The TCB site highlights these violations for further investigation. The TCB site provides web pages that address such financial vehicles as: Loans and Credit Cards Consumer Deposits Investments Commercial Services Each web page provides a link to a support sidebar that the user can reach by clicking on the Federal Reserve System seal at the bottom of the page. The sidebar provides educational features that help users to spot violations and to learn more about the underlying regulation. Each sidebar offers these features: Need a hint: Gives hints about what may be wrong with the page without completely ruining the challenge. Findings and Follow-up: Marks actual violations or problem areas that require further investigation. Review Regs: Provides a link to the Federal Reserve Board's Regulations directory. Suggest Changes: Allows users to electronically send feedback to the Federal Reserve. Though not all pages show violations, for those that do, the issues are described in detail. The Findings page offers users the option to print for closer examination. Users of the site may peruse the site at their own pace. The Checkers Bank can be accessed at http://www.federalreserve.gov/tcb/.

2000 Banking and consumer regulatory policy | 2000 Other announcements