Wolf Administration Highlights Consumer Financial Protection Eff

Wolf Administration Highlights Consumer Financial Protection Efforts in Annual Report

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SOURCE Pennsylvania Department of Banking and Securities

HARRISBURG, Pa., March 8, 2018 /PRNewswire-USNewswire/ -- Secretary of Banking and Securities Robin L. Wiessmann has announced the release of the second Consumer Services Annual Report for 2016-2017. The report highlights the work of the department's Financial Services for Consumers and Business staff under Governor Wolf's Consumer Financial Protection Initiative.

The full report can be viewed online and downloaded: www.dobs.pa.gov/Documents/Publications/Reports/CS%20Report%2016-17FINAL.pdf [PDF]

"Our Financial Services for Consumers and Business staff works hard on behalf of Pennsylvanians every day," said Wiessmann. "Governor Wolf and I are committed to ensuring the integrity of the Pennsylvania financial services marketplace, where consumers are treated fairly and equitably and businesses have assurance of and confidence in the laws and rules under which they operate."

Highlights of the report include:

  • The department's Consumer Services Office (CSO) responded to 4,969 complaints and inquiries during the reporting period, including questions about deposit accounts (checking/savings accounts), money transmission services, and mortgages.

  • Most calls received by CSO were from Pennsylvanians (88 percent).

  • CSO professionals worked with other regulatory and law enforcement agencies to help consumers resolve their issues or complaints in as streamlined a process as possible. These other organizations include federal agencies, local law enforcement, commonwealth state government partners, and financial services agencies of other states.

  • Feedback from consumers resulted in the creation of 15 new publications and updates to two of the department's more popular consumer publications. The department has developed an online library of publications: www.dobs.pa.gov/For%20Media/Pages/Publications-and-Reports.aspx

  • "Lessons learned" on some of the more common complaints and pervasive consumer issues are included in the report, such as consumer discount companies, money transmitters, pension advancement loans, and illegal credit card skimmers. These sections summarize each problem, how the department can offer assistance, and steps consumers can take to avoid the issue in the future.

Information about Governor Wolf's Consumer Financial Protection Initiative can be found online: www.governor.pa.gov/governor-wolf-announces-consumer-financial-protection-initiative.

Anyone can contact the Department of Banking and Securities at 1-800-PA-BANKS or 1-800-600-0007 to ask questions or file complaints about financial transactions, companies, or products. Consumers and community groups can call 1-800-PA-BANKS or email informed@pa.gov for more information. Members of the public are also invited to connect to the department through Facebook and Twitter, or subscribing to the department's newsletter.

MEDIA CONTACT: Ed Novak, 717-783-4721

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