Topic: Compliance Management Systems
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What are the state and federal requirements for disclosing a telephone number or mailing address for consumers to contact the bank with any complaints?
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We are not aware of any state or federal law requiring a financial institution to disclose a telephone number or mailing address for purposes of receiving complaints. Nor are we aware of any law or rule that requires financial institutions to disclose their regulator’s contact information for purposes of making or receiving complaints. Regulation B…
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After receiving a letter from the FDIC closing a written consumer complaint about our institution, are we required to keep it in a public consumer complaint file?
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We are not aware of any requirements to maintain a public file of consumer complaints, except other than Consumer Reinvestment Act-related complaints. The Community Reinvestment Act (CRA) requires institutions to place in a public file any complaint that might “specifically relate to the bank’s performance in helping to meet community credit needs” 12 CFR 345.43(a)(1).…