CFPB’s Complaint System Holds Banks and Lenders Accountable
By Consumers Union on Monday, July 1st, 2013
Have you had problems with your bank account or other financial products or services like your credit card, credit report, mortgage or student loan?
The Consumer Financial Protection Bureau (CFPB) wants to hear from you!
The CFPB makes sure that banks, credit card companies, and lenders are following the laws and treating customers fairly. It’s working hard to keep an eye out for unfair practices and to hold financial companies accountable. A central part of that work is collecting complaints from consumers about financial abuses and working to help resolve them.
How does the complaint process work?
- Submit your complaint here.
- The CFPB sends the complaint to the company, and works to help resolve it.
- You are notified when the problem is resolved or if the company has a response.
The CFPB also keeps the complaint information (minus all personal details) in a searchable public database. The database enables consumers like you to see the types of complaints that others have about financial services companies.
The Bureau also occasionally releases their analysis, or “snapshots” of the data. In these reports, the CFPB provides more detail on the types of problems that consumers are having with their banks or lenders. The most recent data, released in March, shows that since July 21, 2011 they’ve collected over 131,000 complaints. Almost half of the complaints are about mortgages, and almost a quarter have to do with credit card companies.
The CFPB also uses the data to help determine whether stricter oversight is needed to protect consumers. The ability of the CFPB to regulate some financial companies is under attack by a group of Senators seeking to weaken the Bureau. These Senators are holding up Richard Cordray’s nomination to head the CFPB unless changes to the CFPB’s authority and ability to protect consumers are made.
Since its inception in 2011, the CFPB has been working hard on our side. Please show your support for their work and demand that your Senators confirm Richard Cordray as the head of the CFPB.