Its premise is that the CFPB's complaint mechanism, even if carefully designed and heavily resourced, is unlikely to improve the overall level of consumer protection. While taking complaints will aid the CFPB in some of its duties, it also could erode some aspects of consumer protection. Those...
Kentucky Bankers Association and a Kentucky bank filed suit seeking declaratory and injunctive relief in the United States District Court for the Eastern District of Kentucky.23The complaint asserts six claims under the Administrative
However, it’s worth noting that the current administration has terminated contracts for managing the complaint database, which could mean it isn’t up to date with the latest consumer complaints submitted to the bureau. And in court filings, a CFPB staffer testified that a backlog of complaint...
In response to the growing risks surrounding the use of virtual currencies, the agency is creating acomplaint center for bitcoin. "The CFPB will send the complaint to the appropriate company, and will work to get a response. If the complaint is about an issue outside the CFPB's jurisdiction...
Adhere to an effective consumer complaint system. Ensure that your consumer complaint processes are effective and provide feedback throughout the company. Make sure arbitration clauses are prominent and understandable. Ensure that contract arbitration clauses are brought to the attention of th...
Capital One wassuedby the Consumer Financial Protection Bureau for allegedly misleading consumers about its offerings for high-interest savings accounts. As a result, customers lost more than $2 billion in potential interest payments, the lawsuit claims.In a complaint filed Tuesday, the Consumer Finan...
Townstone’s reputation had suffered the injury. Townstone maintains it never intended to discourage anyone from seeking credit; the radio show was to encourage people to contact Townstone. In context, the statements in the CFPB’s complaint were made in conversations encouraging people to invest...
"As a matter of common sense, a product that no longer exists is incapable of posing such risk," the company's complaint said. The CFPB declined to comment on the lawsuit. Financial regulators use confidential supervisory exams to spot and correct companies' violations of law. ...
Capital One was sued by the Consumer Financial Protection Bureau for allegedly misleading consumers about its offerings for high-interest savings accounts. As a result, customers lost more than $2 billion in potential interest payments, the lawsuit claims. In a complaint filed Tuesday, the Consumer...
How to Submit Your Complaint If you’ve determined that submitting a complaint to the CFPB is necessary, it’s easy to do so. Once youvisit the CFPB's website, the first step is to choose a category for your complaint: bank account or service, credit card, credit reporting, debt collec...