S. 3153, The Financial Consumer Hotline Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 3153 would amend the Federal Financial Institutions Examination Council Act of 1978, to require the Council to establish a single telephone number that consumers with complaints or inquiries could call and be routed to the appropriate Federal banking agency or State bank supervisor.

Detailed Summary

Financial Consumer Hotline Act of 2008 - Amends the Federal Financial Institutions Examination Council Act of 1978 to require federal financial institution regulatory agencies, coordinating through the Federal Financial Institutions Examination Council, to establish: (1) a single, toll-free telephone number for consumer complaints and inquiries concerning institutions under their jurisdiction; and (2) a system for routing such calls to the federal financial institution regulatory agency that primarily supervises the financial institution, or that is otherwise the appropriate agency to address the subject of the complaint or inquiry.

Cites circumstances under which state agencies may receive appropriate call transfers from such federal systems.

Status of the Legislation

Latest Major Action: 6/18/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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