WASHINGTON -- NCUA Executive Director, Leonard Skiles, told a Dec. 12 hearing of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the agency supports the notion of allowing consumers to use only one phone number to reach their financial institutions but wants to make sure that it would remain responsible for addressing the needs of credit union members.
Skiles and other federal financial institution regulators were asked to comment on the Financial Consumer Hotline Act of 2007, legislation introduced by Chairwoman Carolyn Maloney (D-N.Y.) that would establish one toll-free telephone number consumers can call with complaints or questions regarding their financial institution.
Skiles underscored his belief that the present system is working to benefit the credit union member. He also acknowledged that the multitude of regulators, the distinction between federal and state regulatory responsibility, and the increasing complexity of financial institution ownership structures can make it difficult for consumers to know which regulatory agency can assist them.
"Frankly, consumers just want the problem fixed, and Congress' proposal would improve the process to do just that," Skiles said.
During his testimony, he outlined the existing NCUA consumer complaint process. It involves a federal credit union's supervisory committee as well as NCUA's additional oversight of complaint resolution and enforcement of consumer protection regulations.
