WASHINGTON The
Office of the Comptroller of the Currency issued supplemental guidance today
concerning how national banks and their operating subsidiaries should handle
complaints forwarded by state authorities.
The guidance makes
clear that the OCC expects national banks to take steps to resolve consumer
complaints fairly and expeditiously regardless of the source of the complaint.
The guidance also clarifies that the referral of a complaint for resolution
does not constitute a visitation under Federal law and the OCCs rules and
that national banks should not cite the OCCs exclusive visitorial powers as a
justification for not addressing the complaint.
We expect that the
paramount concern of national banks and their subsidiaries is to do the right
thing for their customers, said Julie L. Williams, Chief Counsel and First
Senior Deputy Comptroller. While the OCC has certain exclusive regulatory,
supervisory and enforcement authority over national banks, that does not mean
that national banks cannot and should not accept information from state
agencies, and other sources, and take appropriate actions to address their
customers concerns.
In most cases when
a complaint is forwarded to a national bank, the institution can deal with the
complaint directly without involving the OCC.
However, if the state contact is an effort to direct the banks conduct,
exercise authority over the bank, or take enforcement action against the bank,
then the OCC asks national banks to bring the matter to the OCCs attention.
The guidance also
explains that if state officials forward a complaint and ask the bank to follow
up with information about how the complaint was resolved, the institution
should comply, provided that it can do so without compromising the customers
privacy interests.
The guidance also
notes that the OCC has already asked state officials to bring to the OCCs
attention any allegations that a national bank has engaged in illegal, predatory,
unfair or deceptive practice, and provides information on how to do so. These procedures for referrals by states to
the OCC, had previously been set forth in correspondence from the OCC to state
officials.
We respect the
concerns that have been raised regarding collaboration between the OCC and the
states in handling customer complaints, said Ms. Williams, and we believe
our action today reflects our commitment to work together with state agencies
to ensure efficient handling and resolution of complaints raised by customers
of national banks and their subsidiaries.
We look forward to taking additional steps that will further improve
that process.
Todays guidance
supplements Advisory Letter 2002-9, which summarized principles that should be used
in determining whether a state law applies to a national bank and described the
nature of the OCCs exclusive visitorial powers to regulate and supervise
national banks.
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The OCC charters, regulates and examines
approximately 2,100 national banks and 52 federal branches of foreign banks
in the U.S., accounting for more than 55 percent of the nations banking
assets. Its mission is to ensure a safe and sound and competitive national
banking system that supports the citizens, communities and economy of the
United States.
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