Steps to Lodge a Grievance with the Consumer Financial Protection Bureau

Report Financial Troubles to the CFPB

If you've had difficulties resolving issues with a financial institution, the Consumer Financial Protection Bureau (CFPB) wants to know about it. Established in 2011, the CFPB aims to safeguard consumers and enforce regulations surrounding financial services and products. To facilitate communication between consumers and the agency, the CFPB introduced a complaint tool in 2013. This tool allows consumers to voice concerns directly to the agency regarding credit and consumer reporting, debt collection, credit card accounts, checking or savings accounts, and mortgage issues. But how does the CFPB complaint process function, and can lodging a complaint lead to a resolution? Let's delve into the basics.

How does the CFPB Complaint Process Work?

The CFPB accepts complaints about various financial products like credit cards, loans, credit reports, debts, and bank accounts. Serving as a link between you and the company you have a grievance against, the CFPB complaint process can be beneficial if you've been unsuccessful in resolving the matter or contacting the appropriate individual within the company. Submitting a complaint could not only aid you but also assist others. Darian Dorsey, deputy assistant director of CFPB's Consumer Response, emphasized the importance of consumer complaints in shaping the agency's strategic direction. By bringing to light challenges faced by consumers, complaints help enforce laws and create more effective rules and regulations. If you encounter issues with a consumer financial product or service, consider submitting a complaint to the CFPB.

Types of Situations Covered by CFPB Complaints

A range of financial products and services can be the subject of a complaint, including credit reporting services, debt collection, credit cards, checking or savings accounts, mortgages, vehicle loans, money transfer services, payday loans, and student loans. Each product group may further be divided into subgroups. For example, debt collection complaints may vary based on the type of debt, such as auto debt, credit card debt, student loan debt, or payday loan debt.

Checking for Existing Complaints

You can utilize the CFPB Consumer database to check for complaints lodged against a company. The database is updated daily and allows you to search by the company's name and filter results by state, ZIP code, or type of product or issue. It's important to note that the CFPB does not independently verify complaints, meaning some grievances could stem from misunderstandings. The database only displays complaints after the company confirms a commercial relationship with the consumer and responds within 15 days or after the company responds, omitting incomplete complaints, pending issues, or complaints redirected to other regulatory bodies.

When to File a Complaint?

Before filing a complaint with the CFPB, check the database of frequently asked financial questions provided by AskCFPB. This tool can help determine if your issue is suitable for a CFPB complaint or requires a different course of action. Financial complaints that do not fall under the CFPB's jurisdiction should be routed to other entities like the Department of Education for student loan problems, or other agencies for issues related to deceptive practices, rental housing discrimination, auto repairs, or consumer safety.