WASHINGTON (Thomson Financial) - The Federal Reserve today warned that there is no such thing as a personal loan program at the Fed, and said any advertisements promising access to such a program are fraudulent and should be ignored.

The Fed said it has become aware of solicitations promising access to a "nonexistent Federal Reserve lending program," and said it has referred this to "appropriate authorities for action."

"The Federal Reserve is advising consumers that it has no involvement in these solicitations and does not directly sponsor consumer lending programs."

Under the scheme, people have been told they can access a Fed lending program once they deposit "large sums of money" into a bank account.

The Fed said consumers with questions about solicitations that may be fraudulent can reach the Fed at www.federalreserveconsumerhelp.gov or 1-888-851-1920.

pete.kasperowicz@thomsonreuters.com pik/wash

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