CFPB Now Taking Payday Loan Complaints

November 6, 2013
Cleveland Plain Dealer (OH)  
payday lending news

The Consumer Financial Protection Bureau (CFPB) on Nov. 6 confirmed that it now accepts payday loan gripes from consumers. The bureau is the first federal agency to have supervisory authority over the payday industry. It will field consumer complaints related to unexpected fees or interest, unauthorized or incorrect bank-account charges, receipt of loans for which the consumer did not apply, and failure to deliver loans.

The agency also wants to hear about other consumer difficulties, such as trouble contacting lenders. The CFPB generally tries to mediate complaints and uses its complaint database to explore issues for rule-making or enforcement actions. A report by the regulator earlier this year found that payday loans can be "harmful" to consumers forced to renew loans because they cannot repay them when they come due.

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