CFPB Complaint Forum Under Fire with New Bill

06/15/2016
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There is a new bill out that would force the CFPB to properly vet the complaints that come in through their complaint forum.  Will it get legs in Congress?  Well see.

PreApp1003NREP

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Comments
  • Lovely, so every crazy person can post their ‘experience’ with no accountability and that’s after they are drunk. Like so many things with the CFPB an open complaint forum with anonymous posts serves no purpose and can cause much damage. This is the epitome of laziness on their part. Their quest for accountability and truth is flushed down the toilet with this type of sound board. These types of boards with no admin control are nothing more than a bitch board for the ugly.

    REORaltor1 June 15, 2016 4:42 am Reply
  • I filed a complaint after being charged fees (roughly $600) on the payoff of a debt. These fees we waived before the repayment began on the settlement, and I sent documentation back to the lien holder verifying what they had said. Told me if I did not pay the extra fees, account would read “settled for less than amount due”. I filed the complaint and sent the CFPB the same documentation and email chains I had sent the lien holder, along with my POC. CFPB reached out to them and a week later I received a call from lien holder I only had to pay $100 and account would be paid in full. Thought that was good enough given the potential head ache of going to court. Regardless, this was an honest complaint and not a “free water” complaint that a consumer was able to benefit from. What I learned was keep every piece of communication between you and a financial institution, had I not I would’ve lost that battle.

    Frank June 15, 2016 7:04 am Reply
    • Frank- you used this as it was meant to be and glad to see it works. Unfortunately anyone can add a complaint before there is any vetting on the CFPB’s part. That is hardly a professional or fair way to handle complaints. Happy things worked out for you.

      REORealtor1 June 16, 2016 5:36 am Reply
  • Brought to us from Dodd Frank, lending in a one size fits all loan. Seems to me that there should be a difference between a first time home buyer who has no record of mortgage payments and a seasoned homeowner paying on mortgages for 30 years. Holding them both to the same standards in ability to repay just plays into the lenders hand and keeps people from refinancing and therefore costs the consumer money.

    Donna Davis June 16, 2016 7:18 am Reply

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