Sean Patrick Maloney: “I rise in support of H.R. 4332, the Financial Consumers Hotline Act of 2008, which has received strong bipartisan…”

“I rise in support of H.R. 4332, the Financial Consumers Hotline Act of 2008, which has received strong bipartisan support from the Financial Services Committee. The bill establishes a single toll-free telephone number that consumers can call if they have a problem with their bank and want to speak to someone who can help them. Given that depository institutions in the United States can be regulated by any of five Federal regulators or a State regulator, consumers often don't know what entity to call if they have a problem with their account. In a hearing in my subcommittee, the regulators and consumer groups testified that customers often end up calling their Attorney General. Since State authority over national banks has been preempted by the Federal OCC, AGs can't help in this category. This legislation builds on a suggestion that Comptroller Dugan put forward to provide consumers with a single number to call to get help with their banking issues, and we drafted it in close consultation with all five regulators. As the OCC, the FDIC, and the OTS all testified, this legislation will be cost efficient as well as consumer friendly. I should note that CBO came out with an estimate last week. The bill would have no significant effect on direct spending or revenues. So this legislation can help our constituents without spending any money.”