CFPB To Accept Consumer Fraud Complaints

The Consumer Financial Protection Bureau (CFPB) has announced that it will begin accepting complaints for a number of different forms ofconsumer fraud that some individuals may be falling victim to.

According to Law 360 (subscription required), the CFPB announced last month that it would begin accepting complaints relating improper toaccount management; deposits and/or withdrawals, debit and ATM card transactions, and penalties for low account funds.

“Deposit accounts play a critical role in the lives of most Americans, but these products and the laws governing them are complicated,” said CFPB Director Richard Cordray. “Consumers need someone on their side to keep banks and credit unions accountable.” If a consumer complaint is submitted, the bank/financial institution will have 15 days to respond to complaints and 60 days to close the complaints out.

This is just the most recent in a number of moves by the CFPB to try and reel in the deceptive tactics that financial institutions have been using against consumers for years. The bureau recently proposed a rule that would require debt collectors and credit bureaus such as Experian,Equifax, and TransUnion to work under the same federal oversight as banks.