[Congressional Record Volume 155, Number 44 (Thursday, March 12, 2009)]
[Extensions of Remarks]
[Page E651]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FINANCIAL CONSUMER HOTLINE ACT

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                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Thursday, March 12, 2009

  Mrs. MALONEY. Madam Speaker, with the regulatory structure of our 
nation's banks divided among a series of governing bodies, it can be 
difficult for consumers to identify and contact the appropriate 
regulator when they have an inquiry or complaint. In an effort to 
address this situation, I will be introducing the Financial Consumer 
Hotline Act. This legislation would establish a single, toll-free 
telephone number consumers can call if they have a question or 
complaint and want to speak to the bank's regulator. This legislation 
also would establish a corresponding informational website.
  This legislation directs the Federal Financial Institutions 
Examination Council (FFIEC), a statutory interagency body empowered to 
prescribe uniform principles and standards for financial institutions, 
to set up the toll-free number and website. The Federal Reserve, the 
Federal Deposit Insurance Corporation (FDIC), the National Credit Union 
Administration (NCUA), the Office of the Comptroller of the Currency 
(OCC), and the Office of Thrift Supervision (OTS) are all members of 
FFIEC. This legislation also directs FFIEC to work with state banking 
regulators to integrate state regulated banks into the hotline service.

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