Comptroller John C. Dugan Outlines OCC Consumer Assistance

During his speech to the Exchequers Club and Women in Housing and Finance, the Comptroller stressed, "Fair dealing with customers and prompt resolution of their problems is, first and foremost, the bank's responsibility."

When that's not possible, as many as 70,000 people contact the Office of the Comptroller of the Currency's Customer Assistance Group with their concerns each year.

"We have invested literally millions of dollars in sophisticated technology both to aid in complaint intake and quality control, and to speed communications between the OCC and banks so that we can address concerns much more quickly," Mr. Dugan said. "Even more importantly, we have invested in the people," who are well trained with backgrounds in consumer law, compliance, and bank supervision.

Over the last five years, the agency has generated nearly $30 million in financial relief for national bank customers, including $7 million in 2006.

In addition to helping individual bank customers, this work also supports the agency's mission of bank supervision by helping examiners develop their annual risk assessment, pointing out bank or industry-wide patterns, developing policy and guidance, and contributing to enforcement actions against institutions participating in unfair or deceptive practices.

"When we see individual complaints or patterns of complaints that could indicate inappropriate or unfair or deceptive practices, OCC lawyers are called in. We can and we have taken enforcement action to correct practices that we found to be unfair or deceptive," the Comptroller said.

The Comptroller acknowledged that customers sometimes face difficulty getting their concerns to the right regulator.

"That's why I am so pleased that the OCC and the Conference of State Bank Supervisors agreed just two months ago on a model Memorandum of Understanding to facilitate the sharing of complaints between the OCC and state agencies," Mr. Dugan said.

The MOU allows the OCC to direct non-national bank complaints to the appropriate regulatory agency, preserves customers' privacy, and allows state officials to get periodic reports regarding complaints they refer.

To date, New York, Arizona, and North Dakota have signed the MOU. "My hope and expectation is that other states will do the same in the weeks and months ahead," the Comptroller said.

The OCC Customer Assistance Group is available to answer questions from national bank customers from 8 a.m. to 8 p.m., Eastern Time, Monday-Friday, at 1-800-613-6743, or by sending an e-mail to Customer.Assistance@occ.treas.gov.