WASHINGTON (3/2/12)--Consumers can forward their issues and complaints regarding checking and savings accounts to the Consumer Financial Protection Bureau (CFPB), under an initiative announced Thursday by the bureau.
The CFPB plans to have comment systems set up for comments and complaints on all consumer financial products and services by the end of 2012. The bureau currently also accepts complaints related to credit cards, mortgages, and other home loans.
CFPB Director Richard Cordray said in a blog post announcing the new comment initiative that collecting consumer complaints on checking and savings accounts "is an important step" for the agency.
"We have heard story after story of consumers being hit with fees they did not expect and do not understand. We take these complaints very seriously," he added.
Cordray said that financial institutions will be expected to respond to checking and savings account consumer complaints within 15 days. They must resolve the issue within 60 days. Consumers will be able to monitor the status of their complaint on the CFPB's homepage. During a recent conference call in which CUNA staff participated, CFPB officials confirmed that complaints received outside of the CFPB's direct examination and supervision authority are transferred to the appropriate prudential regulators for processing.
Regarding other consumer complaints, the CFPB's Consumer Response team had received nearly 12,000 credit card complaints and 7,000 mortgage complaints as of Feb. 22.
Cordray said the credit card complaints have focused on three issues: consumer confusion, third-party fraud, and factual disputes between the consumer and the card issuer. Most mortgage complaints have been tied to foreclosure issues.
For the full CFPB blog, use the resource link.