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.

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12 thoughts on “CFPB Complaint Forum Under Fire with New Bill”

  1. REORaltor1 says:

    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.

  2. Frank says:

    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.

    1. REORealtor1 says:

      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.

  3. Peter Curtis says:

    Why don't companies make fake complaints like. This XYZ company made my loan on time exactly as they promised and my loan officer jane joe was truely awesome, But I am disappointed, they did not give me the loan for free.

  4. Heres one major thing you are forgetting. This is run by the same people in the goverment who are also yelling we need to have a law aginst people being able to go in and buy automatic weapons in Walmart. The facts are these people have no idea what is really happing in the real world and are trying to make rules and laws for the real world when they only know fantasy world.

  5. Isn't this complaint system for your local Better Business Bureau's? To go to a National platform to complain will not produce quick results if your complaint is valid. The local BBB is the proper entity to do this.

  6. Paul Krause says:

    This is what happens when a misguided and ineffective Senator is handed the reins to design this bloated bureaucracy known as the CFPB. She's inept and should be flipping burgers instead of being a member of Congress. Fauxcahontas needs to go, and the sooner the better.

  7. Do your homework a little better. She actually has Native Indian in her heritage of the percentage one can claim one does.

  8. The BBB is in itself a controversial non-profit. They have no authority whatsoever but rate businesses and will mediate a dispute unless it's already in court. They have been accused of favoring those businesses that are dues paying members as far as their rating handouts. However, they are instrumental in resolving differences between the public and businesses but it is a mediation processes and non-binding.

  9. Donna Davis says:

    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.

  10. Hey what about just use a service that already does that like Yelp etc…. no money to change or maintance involved. Why are they reinventing the wheel

  11. Bryan Buck says:

    Diane Balsara Nice try; perhaps you should follow your own advice and do some homework because what you wrote is false.

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