risks. in that spirit, the federal reserve is also in the process of developing an enhanced quantitative surveillance program for large bank holding companies. supervisory information will be combined with firm - level, market - based indicators and aggregate economic data to provide a more complete picture of the risks facing these institutions and the broader financial system. making use of the federal reserve ’ s unparalleled breadth of expertise, this program will apply a multidisciplinary approach that involves economists, specialists in particular financial markets, payments systems experts, and other professionals, as well as bank supervisors. the recent crisis has also underscored the extent to which direct involvement in the oversight of banks and bank holding companies contributes to the federal reserve ’ s effectiveness in carrying out its responsibilities as a central bank, including the making of monetary policy and the management of the discount window. most important, as the crisis has once again demonstrated, the federal reserve ’ s ability to identify and address diverse and hard - topredict threats to financial stability depends critically on the information, expertise, and powers that it has by virtue of being both a bank supervisor and a central bank. the federal reserve continues to demonstrate its commitment to strengthening consumer protections in the financial services arena. since the time of the previous monetary policy for further information, see board of governors of the federal reserve system ( 2009 ), " federal reserve issues proposed guidance on incentive compensation ”, press release, october 22. report in july, the federal reserve has proposed a comprehensive overhaul of the regulations governing consumer mortgage transactions, and we are collaborating with the department of housing and urban development to assess how we might further increase transparency in the mortgage process. 8 we have issued rules implementing enhanced consumer protections for credit card accounts and private student loans as well as new rules to ensure that consumers have meaningful opportunities to avoid overdraft fees. 9 in addition, the federal reserve has implemented an expanded consumer compliance supervision program for nonbank subsidiaries of bank holding companies and foreign banking organizations. 10 more generally, the federal reserve is committed to doing all that can be done to ensure that our economy is never again devastated by a financial collapse. we look forward to working with the congress to develop effective and comprehensive reform of the financial regulatory framework. for further information, see board of governors of the federal reserve system ( 2009 ), " federal reserve proposes significant changes to regulation z ( truth in lending ) intended to improve the disclosures consumers receive in connection with closed - end mortgages and home - equity lines of

credit ”, press release, july 23. for more information, see board of governors of the federal reserve system ( 2009 ), " federal reserve approves final amendments to regulation z that revise disclosure requirements for private education loans ”, press release, july 30 ; board of governors of the federal reserve system ( 2009 ), " federal reserve announces final rules prohibiting institutions from charging fees for overdrafts on atm and one - time debit card transactions ”, press release, november 12 ; and board of governors of the federal reserve system ( 2010 ), " federal reserve approves final rules to protect credit card users from a number of costly practices ”, press release, january 12. for further information, see board of governors of the federal reserve system ( 2009 ), " federal reserve to implement consumer compliance supervision program of nonbank subsidiaries of bank holding companies and foreign banking organizations ”, press release, september 15.