Consumer Financial Protection Bureau Law Blog

CFPB Accepting Consumer Complaints About Bank Accounts

When it launched in July 2011, the CFPB began taking consumer complaints related to credit cards. Since July 2011, the CFPB began accepting consumer complaints on mortgages, student loans, and other consumer loans, such as vehicle financing. As of February 2012, the CFPB had received over 20,000 consumer complaints, predominately for issues dealing with credit cards and mortgages. The three major issues observed in consumer complaints related to credit cards are consumer confusion, third-party fraud, and factual disputes between the consumer and the card issuer. Not surprisingly, the most common complaint concerning mortgages has been related to foreclosures. 

On March 1, 2012, as part of the next stage of the CFPB’s Consumer Response Complaints Program, the CFPB announced that it will begin accepting consumer complaints related to bank accounts, including checking accounts, savings accounts, CDs, and related services. Richard Cordray, Director of the CFPB, stated that “[d]eposit accounts play a critical role in the lives of most Americans, but these products and the laws governing them are complicated,” and it is the job of the CFPB to hold banks and credit unions accountable. The Bureau anticipates receiving complaints in: (1) account opening, closing, and management; (2) deposits and withdrawals; (3) using a debit or ATM card; (4) making or receiving payments and sending money to others; and (5) problems related to low account funds. The Bureau expects banks to respond to complaints within 15 days and seeks to close all complaints within 60 days. Consumers may initiate the complaint process by going to www.ConsumerFinance.gov or calling 1-855-411-CFPB.