Since launching its database in 2011, the Consumer Financial Protection Bureau (CFPB) has registered more than 203,000 complaints. Is your company prepared? The CFPB is the new federal agency that grew out of the Dodd-Frank Consumer Protection bill which passed in 2010. Seven major industries have been impacted by the copious complaints. Those include bank accounts (27,636), credit cards (31,848), credit reporting (20,340), debt collection (16,508), other loans/vehicle loans (5,667), student loans (6,478), and mortgages (94,527). The new agency helps protect consumers in the financial marketplace while at the same time levels the playing field in the financial marketplace. Consumer complaints are dealt with confidentially and are forwarded to the individual company for its response. Consumers are provided access to each company’s response and may comment on the responses as well. These complaints are handled timely and give both the consumer and company an opportunity to explain their respective positions.
Want to learn more?
Please join us on Thursday March 20th for an excellent opportunity to hear an open discussion on the emerging CFPB. In just one hour, we will discuss:
- The history and mission of the CFPB
- The complaint database
- Regulatory and enforcement practices as well as the third-party vendor consequences.
The new agency is here to stay and each industry within the financial marketplace must understand its rights as well as its responsibilities in the new consumer landscape.
Click here to learn more and register.