Office of the Comptroller of the Currency
New York State Banking Department
FOR IMMEDIATE RELEASE
November 30, 2006
OCC and New York Banking Department Agree to Share Consumer Complaints
NEW YORK - Comptroller of the Currency John C. Dugan and New York State Banking Department Superintendent Diana L. Taylor signed a Memorandum of Understanding (MOU) today that provides a mechanism for sharing consumer complaint information between their two agencies.
The MOU is the first such agreement patterned on a template created by the OCC and the Conference of State Bank Supervisors. The template, announced by the two organizations last week, recognizes that consumers do not always know which regulatory agency - state or federal - supervises their bank, and provides model procedures to ensure that misdirected complaints are sent to the appropriate agency.
"I want to thank Superintendent Taylor for working with us on this MOU," said Comptroller Dugan. "The real winners here are New York consumers, who should not be expected to know which regulatory agency to send a complaint to when they run into problems."
"We are pleased to be the first state to sign an MOU with the OCC to ensure consumer complaints are addressed by the appropriate supervisory agency," said Superintendent Taylor. "This agreement is an important first-step between the New York Banking Department and a federal bank regulator to enhance cooperation in the area of consumer protection."
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