CFPB to Share Mortgage Complaint Data With State Regulators

Reverse Mortgage Daily
December 17, 2012
Oliva, Jason

The Consumer Financial Protection Bureau (CFPB) will share consumer complaint data with state regulatory bodies, hoping to further protect the public from fraud. Sharing the information could help alleviate the trouble of filing grievances with multiple government agencies. After a complaint is securely filed, the CFPB will screen it to make sure that it is complete and not a duplicate of a previous gripe from that consumer. The CFPB then will send it to the offending company, requesting a reply within 15 days. Companies should close all but the most complicated complaints within 60 days, under the CFPB guidelines. Without disclosing information about the consumer's personal identity, the regulator will then publish a selection of the data in its public Complaint Database. Real-time access to a database of complaints could provide state government agencies with a more complete picture of consumer markets. Complaints to the CFPB have covered mortgages, credit cards, student loans, bank services, and consumer loans.
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