Mark
Philadelphia,#2Consumer Suggestion
Fri, May 14, 2004
Tell them that you researched Regulation Z of the Truth in Lending Act and are contacting the OCC (Office of the Comptroller of Currency, a Federal Agency). Regulation Z deals specifically with credit balance refunds (called CBR's in the banking industry). If the do not send you the money by the next day, contact the OCC and file a formal complaint. The penalty to a lender who violates Reg Z is quite harsh. I was a VP at one of the 5 largest banks in the United States. We were a huge credit card issuer. We had an entire business unit dedicated to Regulation Z compliance. Stated simply, the law gives a lender a finite period of time to make the borrower whole. Any attempts to keep the CBR past that threshold is considered undue enrichment and is considered criminal in nature. My guess is this will strike a cord and get some action. By the way, Reg Z applies to any CBR greater the $1.