Does This Bank Watchdog Have a Bite?

John Dugan, left, has been a strong advocate for the national banks overseen by his agency, the Office of the Comptroller of the Currency. With him are Ben Bernanke, right, and Timothy Geithner.

By ANDREW MARTIN
NYT

Houston

FOR now at least, the nation’s front line for consumer financial protection resides on the 34th floor of a downtown office tower here, amid cubicles surrounded by posters that read, “Improving the Customer Experience — Be a LEADER in every call.”

The Office of the Comptroller of the Currency operates this service center, fielding thousands of complaints each year about the nation’s banks.

One recent morning, a woman groused that her credit card limit had been cut for no apparent reason. Another said her bank had continued to charge her for disputed transactions on her credit card. A man said he was charged overdraft fees on the same day he made several deposits.

What many customers may not realize is that the man who oversees the operation used to represent the very banks they are complaining about.

(More here.)