Consumer Groups Support National Banking Complaint Hotline

Consumers Union and Consumer Federation of America both threw their support behind Rep. Carolyn Maloney [D-NY]’s “Financial Consumer Hotline Act of 2007,” a proposal to establish a single national hotline where consumers can file complaints against any financial institution. Currently there are five different federal agencies who regulate the banking industry, each with its own system for collecting and addressing complaints.

“To most consumers, a bank is a bank,” said Jeannine Kenney, Senior Policy Analyst for Consumers Union. “Consumers should not need to wind though a byzantine maze of federal regulators in order to get the help they need. When it is too hard to complain, not only are consumers left without recourse, but regulators don’t get a clear picture about what is going wrong in the marketplace,” added Kenney.

The bill is currently stuck in committee.

“Consumer Groups Call for One-stop Complaint System for Reporting Banking Problems” [Kanas City infoZine]

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(Photo: Clevergrrl)

Comments

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  1. Parting says:

    Good idea! As long as banks have to fund this line.

    I don’t see why taxes should fix broken private system.

  2. Tracy Ham and Eggs says:

    So lets spend more money for a new organization to collect these complaints, then hand them off to the agencies that actually can help.

  3. msthe8r says:

    Um…do the words “fox guarding the henhouse” mean anything to you? Perhaps “he who pays the piper calls the tune?” @chouchou: @chouchou:

  4. LilKoko says:

    What would be even better is if they publish the complaints in a public database where consumers can see which banks have complaints, how many, and the general category of complaint.

  5. Dustbunny says:

    Will they be giving a cute kitten to everybody who calls the hotline? Because in that case, I’ll be calling in first chance I get even though I have no complaints about WaMu.

  6. ConsiderThis says:

    Would it be good to complaint about a $32. NSF fee for going $1.00 past your funds? It’s equal to some astronomical amount of interest… but I’m not good enough at math to figure it out. For someone who is struggling with money, the $32 can be a real hardship. And the harder the struggle, the more likely they are to make that kind of costly mistake.

  7. Chairman-Meow says:

    Bankin Kitteh do not want ur hot linez

  8. Parting says:

    @msthe8r: I said companies should be obliged to pay for it (like a tax), not manage it.

  9. miburo says:

    Does paypal count as a system we can complain against?

  10. bluesunburn says:

    Cute as it is, what’s up with the kitten?

  11. wtmylm says:

    If they are going to be staffed with government employees good luck! Have you ever tried to call the USPS customer services line? Horrible.