Representatives from the National Association of Federal Credit Unions’ regulatory affairs team met with staff from the CFPB and National Credit Union Administration on Tuesday to discuss the two agencies’ work with consumer financial complaints.
The meeting came just as the CFPB announced a new consumer complaint hotline established in coordination with the city of Boston. The hotline allows consumers 24/7 access to ask questions or file complaints with the CFPB, and callers are transferred directly to the agency with issues relating to the financial services sector.
The Boston pilot program is the second, following the CFPB’s launch of a pilot arrangement for Newark, N.J. residents in February.
NAFCU has monitored the CFPB and NCUA’s consumer complaint processes, and credit unions can submit complaints to both agencies.
Additionally, NAFCU has urged the CFPB to include only verified complaints in its database available to the public.