Ensuring banks are treating customers fairly is a function of which of the following?
A.
Consumer Price Index
B.
Federal Reserve System
C.
money markets
D.
tax collectors
B. Federal Reserve System.
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The function of ensuring banks are treating customers fairly falls under the jurisdiction of the regulatory bodies responsible for overseeing banks and financial institutions. These regulatory bodies establish and enforce rules and regulations to protect consumers and ensure fair treatment. In the United States, the primary regulatory body for banks is the Consumer Financial Protection Bureau (CFPB).
The correct answer to the question is B. Federal Reserve System.
To arrive at this answer, we can eliminate options A, C, and D as they are not directly related to regulating banks.
Option A, the Consumer Price Index (CPI), is a measure of inflation and reflects changes in the average prices of goods and services purchased by households. It is not directly involved in regulating banks' treatment of customers.
Option C, money markets, refers to the market where short-term borrowing and lending of funds occur between financial institutions and corporations. Although money markets play a role in the banking system, they are not specifically responsible for ensuring fair treatment of customers.
Option D, tax collectors, are government entities responsible for collecting taxes. While tax authorities may have oversight over banks regarding tax-related issues, they are not primarily responsible for regulating banks' treatment of customers.
Therefore, the correct answer is B, the Federal Reserve System (also known as the Fed). The Fed is the central banking system of the United States and is responsible for regulating and supervising banks to ensure their safety and soundness. This includes overseeing consumer protection regulations to ensure fair treatment of customers by banks.