I have some problems with Washington Mutual NA (WAMU).in my attempt to find the regulatory body that has oversight of WAMU, I found that it is not regulated by any state agency, or federal banking agency. WAMU is a "Savings Bank". It only has oversight from the federal Office of Thrift Supervision (OTS).in talking with an OTS lawyer, I was told that OTS only has oversight of savings and loan activity. I was told that OTS does not regulate any of the much of the checking or other banking "products" that WAMU offers. While the credit card interest rates and collection functions are somewhat regulated I was unable to determine to what extent.
I was told by that OTS lawyer that WAMU had at that time one of the largest level of litigation of any institution operating under the OTS. I was told that I could file a complaint aganst WAMU with the OTS, but I should not think I would see any resolution within any reasonable amount of time. The OTS lawyer suggested that I find a lawyer that does not have any relationship to WAMU and sue them. I indicated the lack of financial capability to pay a lawyer, at which time the OTS lawyer indicated that he believed that a lot of people that WAMU had delt with did not have the resources to take them to court.
In my reasearch, I have come to believe that WAMU has violated crimial laws, federal and state, as well as federal OTS regulations. This may include their lawyers as well.in talking to a lawyer about this, I was told that I would have to pay up front for a lawyer to take on WAMU. This is a financial situation that many consumers can not take on.
WAMU is only one of many "savings banks" that have opened for business in states throughout the USA. I would recommend that one one do business with any institution that is a "savings bank". For much of what you would do with such an institution, no consumer has any rights or protection.
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