WASHINGTON -- Federal Reserve Governor Susan Bies said Friday more clarity is needed about what services banks can or cannot sell to customers.
Speaking at the Securities Industry Association's annual conference, Bies said regulating the practice of tying, which is when banks push customers to buy more products when purchasing another product or service, is not yet clear.
"Ensuring compliance can be an extremely difficult endeavor because there is no prohibition against cross-selling products or aggressive marketing," Bies said.
She added: "The goal is to ensure that banks don't cross the line between offering choices and illegally tying products and services."
