Briefly Noted
Banking on a Solution: Federal Reserve Consumer Help
Having a problem with a bank or other financial institution? Federal Reserve Consumer Help is a new centralized resource that consolidates and streamlines the Federal Reserve’s consumer complaint and inquiry program.
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The Federal Reserve’s one-stop complaint and inquiry site can be reached either by phone or on-line. If you call the new toll-free number (888-851-1920) between the hours of 8 a.m. and 6 p.m. Central Time, you will be able to speak directly to a customer service professional. After hours, callers may leave a message and Federal Reserve Consumer Help staff will return their calls the next business day.
The new Web site, www.federalreserveconsumerhelp.gov, allows consumers to submit a complaint or inquiry electronically. The Web site provides answers to commonly asked banking questions and links to many consumer protection materials and resources. Also on the Web site is an updated version of the brochure “How to File a Consumer Complaint About a Bank,” which explains the Federal Reserve’s complaint process and tells consumers what to expect during a complaint investigation.
The Federal Reserve is responsible for ensuring that the financial institutions it supervises comply with consumer protection and fair lending laws, such as those governing checking and savings accounts, credit cards, and consumer loans including mortgages. It is also responsible for ensuring that consumers have a mechanism for identifying banking acts or practices that may require further investigation or possible regulatory action.
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