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December 12, 2007
Testimony today on bank complaint hotline
 We testified today in support of legislation by Rep. Carolyn Maloney (link to hearing record) that would require the federal bank regulators to create a shared complaint hotline (HR 4332, the Financial Consumer Hotline Act of 2007). We proposed a number of amendments to force the regulators to do a better job handling consumer complaints.
We urged that the hotline have a Complaint-busters advertising campaign (think "Ghostbusters: Who Ya Gonna Call?") with posters in bank lobbies. We proposed that a portion of regulatory fees paid by banks to largely captive regulators be used for the complaint-buster organization, which would be an advocate for victims of unfair practices. Our other ideas to solve the "toxic regulatory culture" at the bank agencies and improve consumer redress are in our testimony.
Posted by Ed Mierzwinski at December 12, 2007 07:00 PM
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