Report a Municipal Market Complaint

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. MSRB rules govern the professional conduct of brokers, dealers, municipal securities dealers and municipal advisors. These rules are enforced by other regulatory authorities.

Complaints about these financial professionals may be directed to the regulatory authorities listed below. If you are uncertain of the status of any individual or entity that is the subject of the complaint, you may submit the complaint to the MSRB to be forwarded to the appropriate regulatory authority. Call or email the MSRB at 202-838-1330 or complaints@msrb.org. To expedite the handling of your complaint, please be as specific as possible as to the nature of your complaint, including detail about the individual and/or firm involved. Please provide your contact information including:

  • Name
  • Home, business, and/or cell phone number
  • Email address
  • Mailing address

If you have a complaint about a potential violation of MSRB rules or other federal securities laws, contact:

U.S. Securities and Exchange Commission
SEC Center for Complaints and Enforcement Tips
100 F Street, N.E.
Washington, DC 20549-5990
Or use the online portal to submit your complaint

Read About Your Protections and Learn How to File a Complaint 
MSRB rules govern the conduct of brokers, dealers, municipal securities dealers and municipal advisors. These rules provide significant protections for municipal advisory clients and municipal securities investors. 

 

Investor Brochure
Read about rule protections when working with a municipal
securities dealer and how to file a complaint.

     
 
  Municipal Advisory Client Brochure
Read about rule protections when working with a municipal 
advisor and how to file a complaint
.
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Complaint Information for Municipal Securities Investors

The MSRB provides significant protections for investors and potential investors who work with a dealer to buy or sell municipal securities. All dealers must comply with MSRB rules so that investors are treated fairly and appropriately. Read about rule protections when working with a municipal securities dealer in the MSRB’s brochure for municipal securities investors.

If you are unsure whether a firm is a FINRA member, you may check the MSRB’s registered dealer list. If the MSRB number starts with the letter “A,” the firm is registered with FINRA. To research the complaint history and professional background of a securities firm or associated individual, use FINRA's BrokerCheck website.

If you have a complaint about the municipal securities market, including securities firms or individuals associated with securities firms, contact:

U.S. Securities and Exchange Commission
Office of Investor Education and Advocacy
100 F Street, N.E.
Washington, DC 20549-0213
Fax: (202) 772-9295
Or use the online portal to submit your complaint.

If you have a complaint against your dealer that is registered with FINRA, contact:

Financial Industry Regulatory Authority
FINRA Investor Complaint Center
9509 Key West Avenue
Rockville, MD 20850-3329
(240) 386-4357
Or use the online portal to submit your complaint.

If you are a senior investor and have a general concern about your investment portfolio or account statement(s) or the handling of your account by a FINRA-registered dealer, contact:

FINRA’s Securities Helpline for Seniors
844-57-HELPS (844-574-3577)

Complaints Against Bank Dealers

If you have a complaint against your dealer that is a state bank that is not a member of the Federal Reserve System, contact:

FDIC Consumer Response Center
1100 Walnut Street, Box #11
Kansas City, MO 64106
(877) ASK-FDIC or consumeralerts@fdic.gov 
Or use the online portal to submit your complaint.

If you have a complaint against your dealer that is a state bank that is a member of the Federal Reserve System, contact:

Federal Reserve Consumer Help
P.O. Box 1200
Minneapolis, MN 55480
(888) 851-1920 or consumerhelp@federalreserve.gov
Or use the online portal to submit your complaint.

If you have a complaint against your dealer that is a national bank or savings association, contact:

Office of the Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010
(800) 613-6743
Or use the online portal to submit your complaint.

If you have a monetary dispute with your dealer, even if your dealer is not registered with FINRA, you can file an arbitration claim or request mediation through FINRA for possible restitution. Contact:

FINRA Office of Dispute Resolution
One Liberty Plaza, 27th Floor
165 Broadway
New York, NY 10006

Complaint Information for Municipal Advisory Clients

The MSRB provides significant protections for municipal entities and obligated persons that are clients of a municipal advisor. Certain of those protections also apply to potential clients of a municipal advisor. Municipal advisors must comply with MSRB rules when engaging in municipal advisory activities. Read about rule protections when working with a municipal advisory in the MSRB’s brochure for municipal advisory clients.

If you have a complaint about your municipal advisor or about the municipal securities market, contact:

U.S. Securities and Exchange Commission
Office of Municipal Securities
100 F Street, N.E.
Washington, DC 20549
(202) 551-5680

If you have a complaint against your municipal advisor that is also registered with FINRA as a dealer, contact:

Financial Industry Regulatory Authority
FINRA Investor Complaint Center
9509 Key West Avenue
Rockville, MD 20850-3329
(240) 386-4357
Or use the online portal to submit your complaint.

Complaints Against the MSRB

The MSRB seeks to ensure that accounting and audit complaints, and other allegations of wrongdoing by a member of the MSRB's Board of Directors or staff are addressed promptly. A toll-free hotline (844-348-1577) managed by an independent service provider allows members of the public to report, if desired on a confidential and anonymous basis, concerns about MSRB accounting or auditing matters, or other potential wrongdoing by the MSRB, its Board or staff. To notify the MSRB about any of these matters, members of the public may also email the MSRB's General Counsel at MSRBGenCounsel@msrb.org or the Chair of the Board at MSRBChair@msrb.org, or send a letter addressed to the General Counsel or the Chair of the Board to the address below.

Municipal Securities Rulemaking Board
1300 I Street NW, Suite 1000
Washington, DC 20005
Attention: Market Regulation - Complaint Against MSRB
Fax: 202-898-1500