In 1864, the National Bank Act of 1864 was enacted which created a system of national charters for national banks in the United States. The primary purpose of the law was to establish a uniform banking system throughout the United States. It established the Office of the Comptroller of the Currency ("OCC"), as part of the Department of Treasury.
Currently, the OCC charters, regulates, and supervises all national banks and federal savings associations. Nonetheless, many bank customers in the United States are unaware of OCC and its regulatory functions. In many instances, disputes with banks can be resolved by submitting a complaint to the OCC. Sometimes, a lawsuit can be filed in conjunction with a complaint submitted to the OCC. Just like any private institution, banks can make big mistakes with respect to their customers. These mistakes can have major consequences for the bank customers.
For these reasons, it is very important to consult with knowledgeable legal counsel before making decisions with respect to taking any legal action against banks or filing a complaint against them with regulatory agencies such as OCC. Sometimes, the problem can be easily resolved through simple negotiation. Banks are practical creatures and they fully understand the value of quickly resolving a dispute rather than jumping into protracted litigation. Consult with the Mirkhan Law Firm whenever confronted with a banking law issue and do not take the risk of confronting a bank without adequate legal representation.