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Consumer Protection News | |||||||
The OCC has taken the lead among bank regulatory agencies in developing effective approaches to protecting America’s consumers.
Protecting Personal Financial Information The OCC is pioneering a new approach to combating predatory lending that effectively deals with abusive practices without impairing the flow of credit to low-income and subprime borrowers. Unfair and Deceptive Practices The OCC took the lead among the federal bank regulatory agencies in addressing abusive marketing practices. In a landmark case in 2000, the OCC required a bank to pay more than $300 million in restitution to consumers.
When payday lenders tried to “rent” a national bank charter as a means of evading state and local consumer protection laws, the OCC took a series of enforcement actions to halt that practice.
Help for Consumers: The OCC’s
Customer Assistance Group
This year the OCC’s CAG unit expects to recover about $7 million for individual bank customers who filed complaints against their bank. Find out what else the CAG group is doing to help national bank customers.
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