On Tuesday, the Federal Reserve released a letter announcing the launch of its new consumer compliance supervision program. The program, effective immediately, is meant to investigate consumer complaints against nonbank subsidiaries of bank holding companies and foreign banking organizations. The Federal Reserve states that "[t]his policy is designed to enhance our understanding of the consumer compliance risk profile of non-bank subsidiaries and to guide our supervisory activities for these entities." The press release announcing release of the letter states that the program is based on a 2007 pilot project, started by the FTC, OTS and two associations of state regulators, that reviewed certain non-depository lenders with significant subprime mortgage operations with respect to consumer protection compliance. This letter came one day after President Obama addressed the Wall Street leaders and pushed for legislation that would create new rules to protect consumers and the creation of a Consumer Financial Protection Agency, which would assume the compliance duties the Federal Reserve is currently authorized to oversee.