Taking Consumer Complaints Seriously

July 5, 2013
U.S. News & World Report 
consumer financial protection bureau news

More than 120,000 people have submitted formal complaints to the Consumer Financial Protection Bureau (CFPB) through its online Complaint System or the "Tell Your Story" feature on the agency's website. When the CFPB receives a complaint, it contacts the relevant company and gives it two weeks to acknowledge the complaint and two months to respond. Consumers can track the progress of their complaints online and let the agency and the public know whether the company's response was sufficient. In one case, a man filed a complaint with the CFPB on behalf of his son, an infantry soldier, believing he had been scammed by the company that financed his vehicle purchase. When the CFPB investigated the matter, it found that similar problems affected other consumers and ordered the lender's parent companies -- U.S. Bank and Dealers' Financial Services -- to return $6.5 million obtained through hidden fees and costly add-on services targeting service members.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.