The CFBP Platform
The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Act after the financial crisis to protect consumers from unfair lending and finance practices. Specifically, the Dodd-Frank Act required the CFPB to receive and resolve consumer complaints.
The CFPB has recently launched their online dispute resolution platform where consumers can submit complaints regarding financial products and services including, but not limited to:
- Credit cards
- Debt collectors
- Credit reporting agencies
- Bank accounts
- Money transfers
- Payday loans
- Student loans
- Vehicle loans
- Other consumer loans
Additionally, if a consumer wishes to not file a complaint but merely to share their story, the platform provides them the opportunity to do so.
How it works
The process is very simple. A consumer will simply select “Submit a Complaint” from the main page, describe the underlying issue, and specify their desired resolution. Next, the consumer will provide the company or creditor’s information, their personal information, and attach any relevant documentation. Once the complaint has been submitted, the CFPB will forward the complaint to the company for a response.
The company will review the complaint, communicate with the consumer as needed, and report back to the CFPB about the steps taken. Complaint data is shared with state and federal law enforcement agencies to better enforce federal laws and promulgate new laws to protect consumers.
Will I actually win my complaint?
While there is no guarantee that you will win your complaint, this enhanced and streamlined process may improve your chances for several reasons. First, the company will be working with federal regulators that have greater bargaining power than most consumers do. Second, the process ensures that your complaint gets to the right people at the company. Third, dispositions will be shared with other consumers- thus increasing transparency and protecting future consumers from unfair practices.
To see complaints submitted to the CFPB and consumers’ success on their complaints, click here.
What happens to the data that I give the CFPB?
The complaint data is shared with state and federal agencies, as well as with congress twice a year. The data is analyzed to help supervise companys’ practices, enforce laws, and write new laws. The data is published in the Consumer Complaint Database. No personal information is published including your name, contact information, account numbers, social security number, etc.
I want to file my complaint, now!
Just click here!
If you would prefer to speak with someone at the CFPB about your complaint, call 1-855-411-2372
If you do not have a complaint, but want to let the CFPB know about potential violations of federal consumer financial laws, you can email them or call 1-855-695-7974.