News

CFPB ombudsman’s report emphasizes consumer complaint process

The 2012 report released last week by Wendy Kameshine, the Consumer Financial Protection Bureau’s ombudsman, detailed the agency’s activities and emphasized its consumer complaint process.

The office is responsible for “advocat[ing] for a fair process as between consumers, the providers of consumer financial products and services and the CFPB.” Consumers and businesses report any CFPB-related issues to the ombudsman’s office, according to insideARM.com.

Between December 2011 and the end of September 2012, the CFPB’s ombudsman office said that it received 775 inquiries, more than 80 percent of which were from consumers who contacted the office regarding products, services or processes under the agency’s jurisdiction. Other complaints were received from job applicants, agency staff members, individuals in business, the media and third parties on behalf of businesses.

The most common inquiry related to transparency within the agency’s consumer response system, which is used to collect and resolve consumer complaints against banks and other financial institutions. Consumer response inquiries not related to transparency also accounted for a large percentage of the office’s inquiry, insideARM.com reports.

Kameshine’s office made a number of recommendations related to consumer complaints, including that the CFPB provide more public information on the consumer complaint process, share the agency’s scope of jurisdiction with consumers and emphasize which firms currently accept consumer complaints from the CFPB.

Comments are closed.