Getting to Know the Federal Reserve Bank of San Francisco

When ordinary people think of the Federal Reserve, they imagine a wizard hiding behind a curtain in Washington, D.C., who has his hands on the pulse of our monetary system and the power to make interest rates rise or fall. In reality, the Federal Reserve is the central bank of the U.S., and consists of a Board of Governors and 12 regional banks that are situated throughout the country.

The Federal Reserve Bank of San Francisco (FRBSF), which is located at 101 Market Street, is the headquarters of the Twelfth District, and covers 20 percent of the U.S. It’s the largest of the regional banks, and covers Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington, plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. In addition to their huge responsibilities to the U.S. financial system, the San Francisco Fed is committed to educating the public, and has a wealth of information online, in print, and at their offices.

FRBSF: Consumer Friendly

Most people don’t think of having direct contact with the FRBSF, but that’s a misconception that should be remedied. They have educational offerings for students and consumers, from basic explanations of how the monetary system works, to more sophisticated writings about the state of the economy.

You may not realize it, but the Federal Reserve is there to protect you. They oversee the laws that cover all banking transactions, credit cards, and automobile and mortgage loans. Part of their mission is to inform, protect, and help you file complaints against people or organizations that don’t abide by these laws.

Filing complaints

If you feel that your bank has been mistreating you, discriminating against you, or is not in compliance with the law, the Federal Reserve can act as an intermediary. The first step is to contact your bank directly. However, if you can’t resolve the problem, you can file a complaint either online or through the mail. If the bank is in the Twelfth District’s jurisdiction, the FRBSF will investigate the situation by contacting your bank directly, and then determine whether any violations were committed. Within 60 days of submitting your complaint, you should receive a letter with their determination.

Visiting the San Francisco Fed

In addition to being an essential part of the U.S. economy, the San Francisco Fed is a tourist destination that's home to exhibits that explain how the Fed is a part of your life, and an historical currency museum, which houses the largest paper money collection in the country. They also offer personal finance training for students, which teaches them how to master their financial destinies instead of becoming slaves to debt.

If you can’t make it down for your educational training, visit their website, where you can play the “Fed Chairman Game” and experience being in charge of monetary policy, or go on the “Great Economists Treasure Hunt.” It may be too late to be a kid again, but it’s never too late to receive an enlightening education.