Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Protection Bureau Law Blog

CFPB Law Blog

News and analysisi of the priorities, initiatives and regulatory actions and proceedings of the Consumer Financial Protection Bureau


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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.