Technical problems in a new system created by the Consumer Financial Protection
Bureau have led to some consumer credit card complaints not reaching banks that
issued the cards. The complaint response system has failed to properly route all
inquiries, a problem the bureau says will be resolved within a matter of weeks.
The system, mandated by Dodd-Frank, was launched on July 21. Its website invites
consumers to file complaints about credit cards and will eventually cover other
financial services. Some banks found that their volume of complaints dropped
following its launch, says Richard Hunt, head of the Consumer Bankers
Association. The banks were concerned they might be blamed for unanswered
queries, he adds.