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Recent Updates
- Senate Vote on Cordray Nomination Expected Next Week: Anyone Holding Their Breath?
- Get Out the Popcorn (and an Energy Drink): The CFPB Releases Videos On New Mortgage Rules
- CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans
- Just-Issued Final Remittance Rule Suggests CFPB is Listening… Sort Of
- FHFA Limits Fannie and Freddie to “Qualified Loans”: Another Strike Against Non-Qualified Loans and the Consumers Who Rely on Them
- CFPB Publishes Small Entity Compliance Guides for New HOEPA, ECOA, and TILA Rules- Institutions of All Sizes Should Take Notice
- CFPB Probes Auto Lenders Over Extended Warranty And Other Ancillary Products
- CFPB Hosting Student Loan Hearing: New Rules On The Way???
- Legislation Seeks to Limit CFPB’s Authority Over Community Banks, Credit Unions and Small Servicers
- CFPB Eases Limits On Credit Card Fees to Avoid Court Battle: Afraid of the Fight or Evidence that It Is Listening Industry Stakeholders?
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The CFPB Expanding Its Complaint Operations To Include Banking Accounts and Student, Consumer and Vehicle Loans
The CFPB announced on Thursday that it is now accepting consumer complaints regarding checking and savings accounts. Likely no coincidence, this announcement comes on the heels of last week's notice that the CFPB will begin investigating bank overdraft protection plans. Remarkably, the CFPB, which prides itself on transparency, did not announce that it is also now accepting complaints on student, consumer and vehicle loans. This recent expansion furthers the CFPB’s goal of accepting complaints on all consumer financial products by the end of 2012. Since 2011, the bureau has been accepting complaints on credit cards and mortgages.
The bureau anticipates complaints regarding banking accounts to fall into one of five categories:
- Account opening, closing, and management;
- Deposits and withdrawals;
- Using a debit or ATM card;
- Making or receiving payments and sending money to others; and
- Problems related to low account funds.
The CFPB “expects banks to respond to complaints within 15 days and seeks to close all complaints within 60 days.” This expectation will likely impose a significant burden on banks. For example, since the CFPB began accepting complaints regarding credit cards in July 2011 and mortgages in December 2011, it has received over 20,000 complaints. It is possible that complaints on banking accounts and student, consumer and vehicle loans could easily eclipse these numbers.