Feds, States OK Info Sharing for Complaints

The Office of Thrift Supervision and the Conference of State Bank Supervisors have agreed on a model for sharing consumer complaint information so complaints are routed to the appropriate federal or state regulator.This memorandum of understanding between the OTS and the CSBS provides an "opportunity for closer coordination and cooperation between the OTS and state banking departments," OTS Director John Reich said. Under the memorandum, the regulators will compile periodic reports of the number and nature of the complaints along with the disposition of those complaints. Separately, federal and state banking regulators told Congress they want to create a single telephone hotline and clearinghouse for consumer complaints.