Office of the Comptroller of the Currency
Conference of State Bank Supervisors
FOR IMMEDIATE RELEASE
November 20, 2006
OCC, CSBS Agree on Consumer Complaint Information-Sharing Plan
WASHINGTON – The Office of the Comptroller of the Currency (OCC) and the Conference of State Bank Supervisors (CSBS) announced agreement today on procedures for the exchange of consumer complaint information between state banking departments and the OCC.
The agreement recognizes that consumers do not always know which regulatory agency – state or federal – supervises their bank, and provides a model Memorandum of Understanding to ensure misdirected complaints are sent to the appropriate agency. The MOU, which is intended to be executed by state banking departments and the OCC on a state-by-state basis, provides a two-way street for the sharing of such complaints, including information on how complaints are resolved.
“This agreement is an excellent first step in an effort to enhance cooperation between the states and federal government in the area of consumer protection,” said CSBS President and CEO Neil Milner.
“I am committed to working with state bank regulators to ensure a high level of consumer protection for all bank customers,” said Comptroller John C. Dugan. “The burden should not be on consumers to know which agency regulates their financial institution, and the framework we developed offers bank customers a seamless system for ensuring that their complaints reach the right supervisory agency.”
The CSBS Executive Committee, acting at the direction of the Board of Directors, approved the MOU at a meeting last week.
# # #