WASHINGTON (12/4/13)--The Consumer Financial Protection Bureau's Office of the Ombudsman in 2014 plans to shadow a bureau examination, and to visit a financial entity during work hours, to enhance its "ability to assist consumers and financial entities that contact the Ombudsman in the coming year."
In the CFPB Ombudsman's second annual report, the office of the ombudsman noted that financial institutions and related trade groups have brought exam concerns to the agency this year. Items highlighted include how a financial entity may elevate concerns about the examination and what may be expected during the examination lifecycle, at the end of the onsite, and at the end of the entire examination, the CFPB said.
The bureau is working to address these and other exam related issues, the ombudsman report noted.
Mortgage complaints and credit product complaints accounted for 55% and 21% of the complaints received by the ombudsman, respectively. Many consumers also had questions about what happened after they brought an issue with a given financial institution to the bureau. Others did not understand how the complaint process could assist on an individual consumer complaint, the ombudsman report said.
The report also contains ombudsman recommendations for the CFPB on how the bureau shares information and caller experiences with the CFPB contact center.
For the full CFPB ombudsman report, use the resource link.