CFPB Shares Company Portal Manual with Industry

By: Kathryn M. Baugher

In the months ahead, the CFPB will be expanding the coverage of its consumer complaint portal to include products such as mortgages and student loans. Consumers have been able to submit credit card complaints through a portal on the CFPB web site since July 21st. In addition to providing a consumer portal through which consumers can submit and check on the status of their complaints, the CFPB now provides a company portal through which companies can view and respond to consumer complaints. The CFPB recently met with industry representatives to show them how the new system works.When a consumer files a complaint through the consumer portal, the CFPB routes the complaint to the company that is the subject of the complaint. The CFPB’s goal is to route each complaint to the appropriate company within 24 to 48 hours of receipt. The company is then expected to communicate directly with the consumer to attempt to resolve the complaint. The CFPB has asked that companies respond to the consumer and update the company portal within 10 calendar days. After logging into the company portal, the company should explain the resolution provided and attach any relevant documents. The company should also select one of the following resolution statuses: full resolution provided, partial resolution provided, no resolution provided, or incorrect company. The CFPB will then e-mail the consumer regarding the status of their complaint and update the complaint status on the consumer portal.
 

This system was created in response to section 1013(b)(3) of the Dodd-Frank Act, which requires the CFPB to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services.

The CFPB intends to expand portal coverage on a product-by-product basis, taking into account feedback from consumers and financial institutions. The CFPB is eager to receive input from financial institutions and has created an e-mail address, cfpb_crsystem_input@cfpb.gov, to which companies can send feedback regarding their experience with the company portal. To access the company portal, please visit.

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