Department of Banking and Security releases Consumer Services Annual Report for 2017-2018

The Pennsylvania Department of Banking and Security recently released the Consumer Services Annual Report for 2017-2018, which highlights the work of the department’s Financial Services for Consumers and Business staff under the governor’s Consumer Financial Protection Initiative.

“The work outlined in this third annual report is a testament to the hard work of my colleagues, who are dedicated to helping Pennsylvanians make good decisions with their hard-earned money,” Robin Wiessmann, secretary of the Pennsylvania Department of Banking and Securities, said. “Governor Wolf and I remain committed to the four objectives of the Consumer Financial Protection Initiative and our continued progress in protecting Pennsylvania consumers.”

According to the report, the department’s Consumer Services Office (CSO) responded to more than 5,400 complaints and inquiries during the reporting period, approximately 5 percent more than the previous year.

CSO professionals work with other regulatory and law enforcement agencies to help consumers resolve their issues. Approximately 85 percent of complaints or questions received by CSO are resolved the same day, with an average resolution time of 4.5 days.

Staff of the department’s Investor Education and Consumer Outreach Office led, presented or represented the department at 360 events, which reached more than 17,000 Pennsylvanians across 51 counties.

A video that was created in response to feedback from consumers was also included in the report, explaining the amount of interest that Pennsylvania consumers can be legally charged when borrowing money.

The report also highlights the more common complaints and consumer issues. These sections summarize each issue, what everyone should know and how the department can offer assistance. These issues include reverse mortgages, debt settlement, checking account overdraft fees, and safe deposit boxes.