The Office of Thrift Supervision (OTS) and the Conference of State Banking Supervisors (CSBS) announced agreement on June 14 on a model for sharing consumer complaint information between the OTS and state banking regulators.
The agreement, a Memorandum of Understanding (MOU), is intended to serve as a model for the sharing of individual consumer complaints for processing by the OTS or the appropriate state banking agency. 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.
The MOU, according to OTS, is similar to a model agreement that the OTS and the National Association of Insurance Commissioners signed several years ago. It is anticipated that the MOU will assist consumers in ensuring that, where a state regulator or the OTS is responsible for supervising their financial institution, their complaint is routed to the proper regulatory authority to obtain a timely response.