Regulation and Compliance

CFPB Issues RFI on Consumer Complaint Processing

Apr 12, 2018
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) has issued its latest Request for Information (RFI), this time focusing on how it processes consumer complaints and inquiries.
 
The CFPB’s process for handling consumer complaints has been the subject of criticism from the financial services, particularly via the agency’s online complaint database that lists alleged problems experienced by anonymous consumers. The CFPB has received 1.5 million consumer complaints since it began operations, and the agency is putting forth this RFI to assess how the process is working and whether changes are needed.
 
This RFI is the 12th in a series initiated by CFPB Acting Director Mick Mulvaney to seek input and feedback from both consumers and the companies under the agency’s regulatory supervision.
 
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Phil Hall
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Apr 12, 2018
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