OTS and CSBS Agree to Share Consumer Complaints
WASHINGTON -- The Office of Thrift Supervision recently announced that it has entered an agreement with the Conference of State Banking Supervisors on a model for sharing consumer complaint information.
The Memorandum of Understanding will serve as a model for sharing individual consumer complaints for processing by the OTS or the appropriate state regulator. It also provides for periodic reports of the number of complaints forwarded to the states or the OTS, the disposition of such complaints, and other summary information.
According to OTS, a similar agreement with the National Association of Insurance Commissioners has improved coordination, including the sharing of consumer complaint information, between the OTS and the states.
"This MOU is an important step towards a more cooperative and coordinated state and federal system of consumer protection," CSBS President and CEO Neil Milner said.
OTS Director John Reich added, "We appreciate the willingness and efforts of the CSBS to address common issues of interest with respect to the sharing of consumer complaint information, and we look forward to working with the states to optimize our combined resources."