Learn how the complaint process works | Consumer Financial Protection Bureau (2024)

FAQs

How do CFPB complaints work? ›

The company will communicate with you as needed and respond to the issues in your complaint. Companies generally respond in 15 days. In some cases, the company will let you know their response is in progress and provide a final response in 60 days.

The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.

The functions of the CFPB to assist people in borrowing money or using other financial services include: implementing and enforcing Federal consumer financial laws; reviewing business practices to ensure that financial services providers are following the law; monitoring the marketplace and taking appropriate action to ...

A good complaint process will be: Fair – This means that both the person complaining (the complainant) and the person being complained about (the respondent) should have the opportunity to present their version of events, provide supporting information and respond to any potential negative decisions.

If you're having issues with a financial service provider – be it with overdraft fees, a HELOC or student loans – filing a complaint with the CFPB can help you get to a resolution. It may be worth attempting to work the problem out with the company first, but that isn't a requirement to submit a CFPB complaint.

File a complaint with government or consumer programs

File a complaint with your local consumer protection office. Notify the Better Business Bureau (BBB) in your area about your problem. The BBB tries to resolve complaints against companies. If you think you may have experienced a scam, report it to the FTC.

Rules and policy

The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

With this authority, the Consumer Financial Protection Bureau has the ability to examine for and monitor compliance with federal consumer financial laws and regulations at both large banks and nonbank financial services companies.

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.

How long does CFPB take to respond? ›

Your company reviews the complaint, communicates with the consumer as appropriate, and determines what actions to take in response. Your company provides a response within 15 calendar days. If your response is not final, let us know. Your company will then have up to 60 calendar days to provide a final response.

However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.

Specifically, the bureau must award compensation to whistleblowers for 10%-30% of the collected penalties.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.