Tuesday, April 2, 2013

Consumer Finance Protection Board

CONSUMER WATCH: THE CFPB'S "GOT YOUR BACK" ON FINANCIAL COMPLAINTS!


Topic Summary: In the last two years, the Consumer Finance Protection Board has been rattling cages across the financial services spectrum, empowering consumers with education, warnings and redress when problems arise. The CFPB just announced  open access to the complaints database for issues that consumers have raised about their mortgage company.  The database is HERE. To lodge a complaint against a financial service company, get all the info HERE.

Recently the Board started to oversee (monitor) the activities of the Credit Reporting industry. If you feel that your credit report has legitimate or otherwise factual errors, you now have a friend in Washington that will guide you through the complaint process.

Furthermore, the CFPB can issue fines against companies that have systemic consumer complaints or that were found guilty of illegal practices. Just in the last 6 months months, the CFPB has won refunds and restitution for customers worth $425 million. The civil fines were even greater:

  • Capital One  $210 Million
  • Discover Card $214 Million
  • American Express $112.5 Million

To lodge a complaint against a financial service company, get all the info HERE.

If you have some time, look at their first annual report on complaints and resolution on behalf of consumers HERE.

Courtesy of Al Clark Your Home Actions Newsletter
Post a Comment