Regulator Hotline
By David Dickinson
The "Bank Complaint" process continues to evolve. In February, I wrote a blog entry called "Consumer Complaints" and explained how the FRB had introduced a phone number customers could call to complain against their banks. Then in March, I updated this information when the OCC announced they had a website for national bank complainers - I mean customers - to use (see Consumer Help or Banker Headache?). Hold on to your hats. This seems to be a popular idea and no one wants to be out done.
On Tuesday, the House passed the "Financial Consumer Hotline Act of 2007" (H.R. 4332). This legislation will establish a single, toll-free telephone number consumers can call if they have a problem with their bank and want to speak to the bank's federal regulator
New York Representative Carolyn Maloney (Chair of the Financial Institutions and Consumer Credit Subcommittee and the author of this bill states:
"Most consumers have no idea who regulates their local bank. If they have a problem and want to talk with someone, it's confusing to even know where to begin. One, toll-free number will cut down on the confusion and help put consumers in quicker contact with the appropriate regulator who can help them."
You can read more at her website.
The Senate has a similar bill that has not yet passed. Stay tuned.