WASHINGTON – Congresswoman Carolyn B. Maloney, Chair of the House Financial Institutions and Consumer Credit Subcommittee, introduced the “Financial Consumer Hotline Act of 2007,” legislation that would 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.  A number of different governing bodies currently regulate banks, which can make it difficult for consumers to figure out who they should contact with concerns and complaints.  Maloney’s bill would also establish a corresponding informational website.  

“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,” said Maloney. 

Maloney’s bill would amend the “Federal Financial Institutions Examination Council Act of 1978,” and direct the Federal Financial Institutions Examination Council (FFIEC), a formal interagency body empowered to prescribe uniform principles and standards for financial institutions, to set up the toll-free number and website.

Chairwoman Maloney will hold a hearing on the “Financial Consumer Hotline Act of 2007” in her Subcommittee on Wednesday, December 12, 2007. 

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS) are the various governing bodies charged with regulating banks, credit unions, and other financial institutions. 

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