Besides spending its time forming and facilitating monetary policy, it also is quite active as a regulatory unit. It turns out that a local bank in Oklahoma was a bit too free with its wishes of Merry Christmas, Bible verses of the day, and Christian decorations. The Fed forced them to take them down as a violation of Regulation B because they could suggest "a discriminatory preference or policy of exclusion." Too free with money creation, not a problem. Wishing customers "Merry Christmas!" Big problem. (HT: Lew Rockwell)
Update: It looks as if the Fed may be backing down.