4. Ensuring banks are treating customers fairly is a function of which of the following?
a. consumer price index
b. money markets
c. federal reserve system
d. tax collectors
c. federal reserve system
d. tax collectors are responsible for collecting taxes from individuals and businesses and are not directly involved in ensuring that banks are treating customers fairly.
The function of ensuring banks are treating customers fairly is a responsibility of the federal reserve system. The correct option is c. federal reserve system.
The function of ensuring banks are treating customers fairly is primarily the responsibility of regulatory agencies. These agencies are established to protect consumers and maintain the integrity of the financial system. One such agency in the United States is the Consumer Financial Protection Bureau (CFPB). Therefore, the correct option would be:
c. federal reserve system
To arrive at this answer, you need to understand the roles and responsibilities of different entities in the financial industry. The consumer price index (CPI) is a measure of inflation, not directly related to bank customer treatment. Money markets refer to the trading of short-term, low-risk financial instruments and do not oversee banks' customer treatment. Tax collectors are responsible for collecting taxes and are not directly involved in overseeing banks. On the other hand, the federal reserve system, specifically through the CFPB, has a mandate to ensure fair treatment of consumers in financial transactions, including bank-related activities.