In its first three months in operation, the Consumer Financial Protection Bureau
received roughly 5,000 complaints from credit card customers, led by billing
disputes and interest rate problems. The agency on Nov. 30 released the first
batch of data collected on credit card grievances since it opened for business
on July 21. According to the Treasury adviser Raj Date, who is running the CFPB
for now, "we are learning that there is a lot of consumer confusion about credit
card terms." So far, the CFPB has only been fielding complaints on credit cards.
But as early as Dec. 1, it plans to open up the process to mortgage grievances.
In 2010, possibly as soon as March, it will start collecting complaints about
other bank products such as checking and savings accounts.