Rep. Maloney’s consumer banking hotline bill passes House MortgagePress.comFinancial Consumer Hotline Act of 2007, HR 4332, federal regulators, Rep. Carolyn B. Maloney, Federal Financial Institutions Examination Council, Financial Institutions and Consumer Credit Subcommittee
The "Financial Consumer Hotline Act of 2007" (HR 4332),
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, has passed the
U.S. House of Representatives. Congresswoman Carolyn B. Maloney
(D-NY), Chair of the Financial Institutions and Consumer Credit
Subcommittee, introduced the bill in December because 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. Rep. Maloney's bill would also
establish a corresponding informational website for consumers.
"Most consumers have no idea who regulates their local bank,"
said Rep. Maloney. "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. I
want to thank Chairman [Barney] Frank for his support in helping to
move this bill forward."
Rep. 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. 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.
Financial Services Chairman Barney Frank (D-MA) and Financial
Institutions and Consumer Credit Subcommittee Ranking Member Judy
Biggert (R-IL) are both co-sponsors of HR 4332. Other co-sponsors
include Reps. Ginny Brown-Waite (R-FL), Al Green (D-TX), George
Miller (D-CA), Maxine Waters (D-CA), and Robert Wexler (D-FL).
For more information on HR 4332, click here.
