Consumer Protection News:
National Consumer Protection Week, March 2-8

Financial Literacy: A Sound Investment

The Office of the Comptroller of the Currency joined other regulators and Congress in promoting financial literacy during a National Consumer Protection Week (NCPW) event on Capitol Hill on February 15.

"Events like National Consumer Protection Week are good opportunities to remind consumers that the best way to protect themselves against unfair, deceptive, and fraudulent practices is to stay informed," said Comptroller of the Currency John C. Dugan. "The OCC recognizes that financial literacy is an important part of consumer protection. Since 2005, we have increased our efforts to reach out to consumers on important issues that affect them, have worked with regulators and the banking industry to improve disclosures so consumers can have the information they need to make well-informed decision, and have expanded the capabilities of our Customer Assistance Group in helping bank customers get answer to their questions and concerns."

National Consumer Protection Week highlights consumer protection and education efforts around the country. NCPW 2008's organizers encourage people from coast to coast to master the financial facts of life. It's a sound investment: Financially informed consumers are likely to make smarter decisions about managing their money, using credit wisely, and building a solid financial foundation for later.

The OCC supported this year's consumer protection week theme, "Financial Literacy: A Sound Investment," by sharing information, resources, and providing staff to answer questions. Information provided by the agency addressed topics that included gift cards, cashiers checks, nontraditional mortgages, and how to get assistance through the OCC's Customer Assistance Group.

The OCC's Customer Assistance Group staff stands ready to support bank customers in multiple languages and are available from 8 a.m. to 8 p.m., Eastern Time, Monday-Friday, at 1-800-613-6743, or by e-mailing Customer.Assistance@occ.treas.gov. The OCC also maintains www.HelpWithMyBank.gov, which provides answers to common banking questions.

Consumer Resources and Links

• www.HelpWithMyBank.gov
  HelpWithMyBank.gov provides answers to common banking questions. While targeted to national bank customers, the site answers many questions common to all banking consumers and provides useful information about contacting regulators of institutions other than national banks.
  
  
• Financial Literacy Resource Directory
  The OCC's Community Affairs team has compiled a variety of financial literacy resources for consumers to use.
  
  
• OCC Consumer News and Public Service Announcements
  The OCC has compiled recent consumer news and public service announcements.
  
  
• OCC News RSS Feeds and Podcasts
  Now consumers can subscribe to OCC news and consumer podcasts to stay up to date on the latest information on banking from the OCC.
  
  
• Avoiding Cashier's Check Fraud
  The OCC recently issued this advisory to help consumers watch out for scams involving cashier's checks.
  
  
• Combating Abusive Lending
  The OCC ensures fair and equal access to financial services. This collection of material highlights some of the ways the agency fights abusive lending.
  
  
• Gift Cards: OCC Reminds Consumers to Read Gift Cards' Fine Print
  Gift cards are growing in popularity, but consumers should read the fine print to understand all of the applicable fees and terms to get the most out of their gift card purchases.
  
  
• Home Equity Loans: Putting Your Home on the Line Is Risky Business
  Home equity loans can provide cash for a variety of reasons, but they also strip the equity in your investment. This online brochure outlines the risks and what you should look for in these types of loans.
  
  
• Interest-Only Mortgage Payments and Payment-Option ARMs: Are They For You?
  The types of mortgages available today vary greatly and so do the risks associated with nontraditional mortgages with interest-only and payment-option features. This brochure can help you decide if these mortgages are right for you.
  
  
• MyMoney.gov
  MyMoney.gov is the Department of the Treasury's comprehensive Web site to help improve financial literacy.
  
  
• National Consumer Protection Week Site
  The homepage of National Consumer Protection Week provides a collection of resources and information from federal agencies to help consumers to be better informed.
  
  
• OCC Anti-Fraud Resources
  The OCC provides variety of resources to help you fight fraud.
  
  
• OCC Fighting Identity Theft
  OCC provides an extensive list of resources that consumers can use to protect themselves against identity theft. The Federal Government's identity theft hotline and tips for how to report identity theft are available from the Federal Trade Commission's Web site.
  
  
• Protect Yourself Against Phishing
  OCC's online pamphlet on protecting yourself from phishing gives practical advice on safeguarding your personal information.
  
  
• Protecting Yourself Against Overdraft and Bounced-Check Fees
  Overdraft and bounced-check fees can add up fast. This brochure offers tips for avoiding fees and understanding your alternatives.
  
  
• Writing a Check: Understanding Your Rights
  Do you know your rights when you write a check? This pamphlet from the OCC provides the basics.

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