OCC and Puerto Rico Agree to Share Consumer Complaints, Bringing Total of Such Agreements to Twenty

WASHINGTON — The Office of the Comptroller of the Currency and the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico have signed a Memorandum of Understanding that provides a mechanism for sharing consumer complaints between the two agencies.

The MOU is the 20th such agreement to be reached based on a template created by the OCC and the Conference of State Bank Supervisors.

The template, announced by the two organizations on November 20, 2006, recognizes that consumers do not always know which regulatory agency – state or federal – supervises their bank. The MOU provides model procedures to ensure that misdirected complaints are sent to the appropriate agency and that agencies are able to track the status of a referred complaint and resolve it in a more efficient manner.

"The cooperation between the OCC and the states that made these agreements possible provides real benefits for consumers," said Comptroller of the Currency John C. Dugan. "Consumers often don't know – and shouldn't have to know – which agency supervises their financial institution. This MOU ensures that when they have a concern, it will get to the appropriate regulator."

"It is essential that consumer complaints be addressed efficiently by the appropriate supervisory agency," said Alfredo Padilla Cintron, Puerto Rico's Commissioner of Financial Institutions. "This MOU will allow my department and the OCC to enhance communication about consumer complaints and share information about their ultimate resolution. The real winners here are Puerto Rico's consumers."

Other states that have signed agreements with the OCC are: Arizona, Colorado, Florida, Georgia, Kentucky, Louisiana, Maine, Mississippi, Missouri, New York, Nebraska, New Hampshire, North Carolina, North Dakota, Pennsylvania, South Dakota, Utah, Wisconsin and Wyoming.

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