Why is the OCC referring me to the Consumer Financial Protection Bureau (CFPB) if my complaint is regarding a national bank or federal savings association? (2024)

FAQs

Why is the OCC referring me to the Consumer Financial Protection Bureau (CFPB) if my complaint is regarding a national bank or federal savings association? ›

The OCC is the prudential regulator for national banks and federal savings associations. However, since passage of the Dodd-Frank Act, certain rules and regulations were placed under the authority of the CFPB. If the OCC refers you to the CFPB it is because your concern(s) falls under the CFPB's regulatory authority.

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing.

In its wisdom, Congress in the Dodd-Frank Act separated chartering and prudential supervision from consumer protection enforcement, assigning chartering authority to the OCC and specific consumer protection enforcement authority to the CFPB.

Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.

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.

The CFPB takes action against companies and individuals who have broken consumer financial protection laws. If you've been harmed, you might be eligible to receive a payment through the Civil Penalty Fund.

We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates. The depository institutions and affiliates included in the list below are currently under CFPB's jurisdiction and subject to CFPB supervision and examination.

The CFPB helps ensure the financial market is a level playing field by cracking down on bad financial actors that engage in unfair, deceptive, abusive, and discriminatory practices that harm consumers.

What does the CFPB investigate? ›

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.

CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States.

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.

The most-complained-about consumer financial product and service categories in 2023 were credit or consumer reporting, debt collection, credit card, checking or savings account, and mortgage (Figure 3).

If you have a problem with your national bank or federal savings association, and want to submit a complaint, the Office of the Comptroller of the Currency's (OCC) Customer Assistance Group may be able to help. The OCC regulates national banks and federal savings associations.

The CFPB's lawsuit seeks a stop to alleged unlawful conduct, redress for harmed borrowers, and the imposition of a civil money penalty, which would be paid into the CFPB's victims relief fund.