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federal Reserve Bank o f Dallas DALLAS, TEXAS 75222 Circular No. 78-178 December 26, 1978 "HOW TO FILE A CONSUMER COMPLAINT" TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Board of Governors of the Federal Reserve System has recently released for public distribution the attached pamphlet entitled "How to File a Con sumer Credit Complaint." The pamphlet is intended to encourage consumers with a misunderstanding or conflict with a bank to deal directly with the bank to resolve its possible misunderstanding. It also provides a Complaint Form which can be used to bring unresolved complaints to the attention of the appropriate regulatory agency. The pamphlets may be useful in promoting bank/consumer relations through display in bank lobbies or inclusion in customer mailings. They are avail able in quantity free of charge from the Federal Reserve Bank of Dallas. Orders by mail should be addressed to Records Division, Federal Reserve Bank of Dallas; tele phone o rd ers may be placed by calling Ext. 6289. Sincerely yours, Ernest T. Baughman President Attachment Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1 -8 00 -492 -440 3 (intrastate) and 1 -8 00 -527 -497 0 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) LIST OF RESERVE BANKS Atlanta, Georgia 104 Marietta Street, N.W. ZIP 30303 (404) 586-8500 Minneapolis, Minnesota 250 Marquette Avenue ZIP 55480 (612) 340-2345 Boston, Massachusetts 600 Atlantic Avenue ZIP 02106 (61 7) 973-3000 New York, New York 33 Liberty Street Federal Reserve P.O. Station ZIP 10045 (212) 791-5000 Chicago, Illinois 230 South LaSalle Street P.O. Box 834 ZIP 60690 (312)322-5322 Cleveland, Ohio 1455 East Sixth Street P.O. Box 6387 ZIP 44101 (216) 241-2800 Dallas, Texas 400 South Akard Street Station K ZIP 75222 (214)651-6111 Kansas City, Missouri 925 Grand Avenue Federal Reserve Station ZIP 64198 (816) 881-2000 Philadelphia, Pennsylvania 100 North Sixth Street P.O. B o x 66 ZIP 19105 (215)574-6000 Richmond, Virginia 100 North Ninth Street P.O. Box 27622 ZIP 23261 (804) 649-3611 San Francisco, California 400 Sansome Street P.O. Box 7702 ZIP 94120 (415) 544-2000 St. Louis, Missouri 411 Locust Street P.O. Box 442 ZIP 63166 (314) 444-8444 LIST OF OTHER ENFORCEMENT AGENCIES National Banks Comptroller of the Currency Consumer Affairs Division Washington, D.C. 20219 Nonmember Insured Banks Federal Deposit Insurance Corporation Office of Bank Customer Affairs Washington, D.C. 20429 Board of Governors of the Federal Reserve System (July 1978) howto file a consumer credit complaint If y o u ha ve a c o m p la in t a b o u t a b a n k, yo u ca n g e t h e lp fr o m th e F e d e ra l R e s e rv e . Y o u m a y c o m p la in a b o u t a p o s s ib le v io la tio n o f a n y o f th e F e d e ra l c o n s u m e r c re d it la w s lis te d in th is p a m p h le t — or a b o u t a n y b a n k th a t yo u th in k has b e e n u n fa ir o r d e c e p tiv e in a n y b u s in e s s yo u ha ve c o n d u c te d w ith it. Y o u d o n 't n e e d to h a ve a n a c c o u n t a t th e b a n k to file a c o m p la in t. W e w ill re c e iv e c o m p la in ts a b o u t a n y b a n k . H o w e v e r, th e F e d e ra l R e s e rv e s u p e rv is e s o n ly S ta te -c h a rte re d b a n k s th a t a re m e m b e r s o f th e F e d e ra l R e s e rv e S y s te m . If y o u r c o m p la in t is o u t s id e o u r a u th o r ity , w e ’ ll re fe r it to th e p ro p e r re g u la to ry a g e n c y o r d ir e c t yo u to th e rig h t kin d o f h e lp . here’s what to do F irs t tr y to s o lv e y o u r p ro b le m d ir e c tly w ith b a n k p e rs o n n e l. If y o u c a n 't , u s e th e fo r m a tta c h e d to th is p a m p h le t to let us k n o w a b o u t y o u r p ro b le m . P le a s e m a il y o u r c o m p la in t to th e D ir e c to r , D iv i sio n o f C o n s u m e r A ffa irs , B o a rd o f G o v e rn o rs of th e F e d e ra l R e s e rv e S y s te m , W a s h in g to n , D .C . 2 0 5 5 1 . O r y o u m a y g e t in to u c h w ith th e F e d e ra l R e s e rv e B a n k s e rv in g th e D is tr ic t in w h ic h th e b a n k is lo c a te d , a s lis te d o n th e b a c k o f th is p a m p h le t. F e d e ra l e n fo r c e m e n t a g e n c ie s fo r o th e r fin a n c ia l in s titu tio n s a re a ls o lis te d . here’s what we’ll do W e w ill re s p o n d w ith in 15 d a y s . W e ’ ll try to a n s w e r y o u r q u e s tio n s in fu ll w ith in th a t tim e . If th a t ’ s n o t p o s s ib le , o u r re p ly w ill s e t a re a s o n a b le d a te fo r g e ttin g b a c k to y o u w ith m o r e in fo rm a tio n . W e ’ ll a ls o le t y o u k n o w if w e ’ve re fe rre d y o u r c o m p la in t o u ts id e th e F e d e ra l R e s e rv e fo r an a n s w e r. consumer credit laws T h e F e d e ra l c o n s u m e r c re d it la w s o ffe r you th e s e m a jo r p r o t e c t io n s : T h e Truth In L e n d in g A c t re q u ire s d is c lo s u re o f th e " f in a n c e c h a r g e ” a n d th e “ a n n u a l p e rc e n ta g e ra te ” — a n d c e rta in o th e r c o s ts a n d te r m s o f c re d it — so th a t yo u c a n c o m p a r e th e p ric e s o f c re d it fr o m d iffe r e n t s o u rc e s . It a ls o lim its y o u r lia b ility on lo s t o r s to le n c re d it c a rd s . T h e E q u a l C re d it O p p o r tu n ity A c t p ro h ib its d is c r im in a tio n a g a in s t an a p p lic a n t fo r c re d it b e c a u s e o f a g e , s e x , m a rita l s ta tu s , ra c e , c o lo r , re lig io n , n a tio n a l o rig in , o r re c e ip t o f p u b lic a s s is ta n c e . It a ls o p ro h ib its d is c r im in a tio n b e c a u s e y o u h a v e m a d e a g o o d fa ith e x e rc is e o f a n y o f y o u r rig h ts u n d e r th e F e d e ra l c o n s u m e r c re d it la w s . If y o u 'v e b e e n d e n ie d c re d it, th e la w re q u ire s th a t yo u b e n o tifie d in w ritin g a n d g iv e s yo u th e rig h t to re q u e s t th e re a s o n fo r th e d e n ia l. T he F a ir C re d it B illin g A c t s e ts up a p ro c e d u re fo r th e p ro m p t c o r r e c tio n o f e rr o r s o n a c r e d it a c c o u n t a n d p re v e n ts d a m a g e to y o u r c r e d it ra tin g w h ile y o u 'r e s e ttlin g a d is p u te . The F a ir C re d it R e p o r tin g A c t s e ts up a p ro c e d u re fo r c o r r e c tin g m is ta k e s on y o u r c re d it re c o rd a n d re q u ire s th a t th e re c o rd b e k e p t c o n fid e n tia l. The C o n s u m e r L e a s in g A c t re q u ire s d is c lo s u re o f in fo rm a tio n th a t h e lp s y o u c o m p a r e th e c o s t a n d te r m s o f o n e le a s e w ith a n o th e r a n d w ith th e c o s t a n d te r m s o f b u y in g on c re d it o r w ith c a s h . The R e a l E s ta te S e ttle m e n t P ro c e d u re s A c t re q u ire s th a t yo u be g iv e n in fo rm a tio n a b o u t the s e rv ic e s a n d c o s ts in v o lv e d at “ s e t t le m e n t , ” w h e n real p ro p e rty tr a n s fe rs fr o m s e lle r to b u y e r. T h e H o m e M o r tg a g e D is c lo s u r e A c t re q u ire s m o s t le n d in g in s titu tio n s in m e tro p o lita n a re a s to le t th e p u b lic k n o w w h e r e th e y m a k e th e ir m o r tg a g e a n d h o m e im p ro v e m e n t loa n s. P a m p h le ts d e s c rib in g s o m e o f th e s e la w s in m o re d e ta il a re a v a ila b le fr o m th e B o a rd o f G o v e rn o rs o r fro m th e F e d e ra l R e s e rv e B a n k in y o u r D is tric t. the division of consumer affairs and consumer advisory council T h e F e d e ra l R e s e rv e has s e t up a s e p a ra te o ffic e in W a s h in g to n — th e D iv is io n o f C o n s u m e r A ffa irs — to h a n d le c o n s u m e r c o m p la in ts . T h is D iv is io n a ls o w r it e s re g u la tio n s to c a r r y o u t th e c o n s u m e r c re d it la w s , e n fo r c e s th e s e la w s fo r S ta te -c h a rte re d b a n k s th a t a re m e m b e r s o f th e S y s te m , a n d h e lp s b a n k s to c o m p ly w ith th e s e la w s . T h e F e d e ra l R e s e rv e is a ls o a d v is e d by a p a n e l o f e x p e rts in c o n s u m e r c re d it, re p re s e n tin g b o th b u s in e s s a n d c o n s u m e r in te re s ts a c ro s s th e c o u n tr y . The C o n s u m e r A d v is o ry C o u n c il m e e ts fo u r tim e s a y e a r, a n d its m e e tin g s a re o p e n to th e p u b lic . W e w e lc o m e y o u r c o m m e n ts a n d s u g g e s tio n s on a n y c o n s u m e r c r e d it issue . CQ/VIPLAINT FORM Federal Reserve System Nam e N am e o f Bank A d d re s s A d d re s s S tre e t C ity C ity S ta te D a y tim e te le p h o n e S ta te Z ip Z ip A c c o u n t n u m b e r (if a p p lic a b le ) (in c lu d e a re a c o d e ) T h e c o m p la in t in v o lv e s th e fo llo w in g s e r v ic e : C h e c k in g A c c o u n t □ O th e r: P le a s e s p e c ify S a v in g s A c c o u n t □ L oan □ __ ______________________________________________________________________________ I h a v e a tte m p te d to re s o lv e th is c o m p la in t d ir e c tly w ith th e b a n k : N o □ Yes □ If " N o ” , an a tte m p t s h o u ld be m a d e to c o n ta c t th e b a n k a n d re s o lv e th e c o m p la in t. If " Y e s ” , n a m e of p e rs o n or d e p a rtm e n t c o n ta c te d i s _____________________________ D a te M Y C O M P L A IN T IS AS F O L L O W S (B rie fly d e s c rib e th e e v e n ts in th e o rd e r in w h ic h th e y h a p p e n e d , in c lu d in g s p e c ific d a te s a n d th e b a n k 's a c tio n s to w h ic h y o u o b je c t. E n c lo s e c o p ie s o f a n y p e rtin e n t in fo rm a tio n o r c o rr e s p o n d e n c e th a t m a y be h e lp fu l. D o no t s e n d us y o u r o n ly c o p y o f a n y d o c u m e n t . ) : T h is in fo rm a tio n is s o lic ite d u n d e r th e F e d e ra l T ra d e C o m m is s io n Im p ro v e m e n t A c t. P ro v id in g th e in fo rm a tio n is v o lu n ta r y ; c o m p le te in fo rm a tio n is n e c e s s a ry to e x p e d ite in v e s tig a tio n o f y o u r c o m p la in t. R o u tin e use o f th e in fo rm a tio n m a y in c lu d e d is c lo s in g it to ba n k(s) o r o th e rs in v o lv e d o r to o th e r g o v e rn m e n ta l a g e n c ie s as d e e m e d a p p ro p ria te . D a t e ______________________ S ig n a t u r e s ______________________________________________ Director, Division of Consumer Affairs Board of Governors of the Federal Reserve System Washington, D.C. 20551
@FedFRASER