Fraud promoters pose a significant threat to consumers and the economy. With consumer fraud on the rise, the Federal Deposit Insurance Corporation (FDIC) has joined the Federal Trade Commission (FTC), other federal, state and local organizations, and national advocacy groups in launching the first annual National Consumer Protection Week (NCPW) from February 1 through 6, 1999.
Credit fraud is the focus of this year's NCPW activities. This type of fraud can damage the financial health and well-being of every consumer. It raises interest rates, increases financial service fees, and even places homes at risk. The Federal Trade Commission's Consumer Response Center reports that consumers write, telephone and e-mail the FTC with more questions and concerns about credit and credit fraud than any other topic. Credit fraud can be difficult to detect because transactions are often complicated, and essential information may be hidden or undisclosed. Consumers can empower themselves by learning to recognize credit scams and abuses, and knowing how to respond. Appropriately, the theme of this year's National Consumer Protection Week is "Know the Rules, Use the Tools."
The FDIC encourages you to support the hundreds of organizations that are celebrating NCPW 1999. Your support will serve to reaffirm the industry's recognition of the important role consumers play in our economy.
For more information about NCPW, contact Wanda Riccione, FDIC Consumer Affairs Specialist, on 202-942-3094 or your FDIC Division of Compliance and Consumer Affairs regional office on the attached list.
Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).