The Consumer Financial Protection Bureau is requesting public feedback about its consumer complaint process and how it handles consumer complaints by Monday, June 4.
To date, the CFPB has received over 1.5 million consumer complaints. The complaint database is invaluable to consumers; their advocates; and, our clients. It is often the most efficient and effective way for consumers to resolve problems with large financial institutions.
The complaint process with the CFPB has allowed our consumer attorneys to more effectively advocate for consumers in foreclosures by requiring servicers to respond to complaints about mortgage servicing, loss mitigation, excessive fees and other issues within 15 days after they are contacted by the CFPB. Many times, that will be enough to resolve an issue and save a consumer’s home.
The complaint process also allows advocacy groups to track recurrent problems with various companies and financial institutions. The complaint process gives consumers a recourse when they are treated unfairly or they are victims of predatory practices or illegal fees. Since 2008, the CFPB has returned $11.8 billion in relief to consumers, largely as a result of its complaint process that provides the starting point for any enforcement work.
Comments to the CFPB made be made by clicking their link here:https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-request-information-consumer-complaint-inquiry/