Learn how to access and respond to consumer complaints about your company.
Congress directed the Bureau to collect, monitor, and get responses to complaints about financial products and services. Since 2011, the CFPB's Office of Consumer Response has worked to get consumers timely responses from more than 6,100 financial companies.
On this page
- Learn about the complaint process
- Respond to complaints about your company
- Get complaint data and insights
Learn about the complaint process
Understand your company's role in the complaint process
Each consumer complaint goes through a five-step process. Learn about each step so you know what to expect, how to respond, and how complaints arereviewed, shared, and published.
Learn more about the complaint process
See the types of complaints we send to companies
We send consumers’ complaints about consumer financial products and services—including complaints referred to the CFPB by prudential regulators and other government agencies—to the CFPB-supervised bank or credit union or to the nonbank identified by the consumer.
Respond to complaints
By statute, a primary function of the CFPB is to collect, investigate and respond to consumer complaints. Companies receive and respond to these complaints through the Company Portal, a secure online environment that protects consumer privacy and the confidentiality of company responses.
CFPB-supervised banks and credit unions
The CFPB sends complaints to banks or credit unions supervised by the CFPB. We refer complaints about banks and credit unions that are not supervised by the CFPB to the appropriate prudential federal regulator.
View list of CFPB-supervised banks and credit unions
Nonbank financial institutions
If you are a nonbank that provides consumer financial products and services, respond to complaints submitted to the CFPB by your customers by first getting access to your Company Portal.
FAQs
Consistent with applicable law, we securely share complaints with other state and federal agencies to, among other things, facilitate: supervision activities, enforcement activities, and. monitor the market for consumer financial products and services.
What is the main function of the Consumer Financial Protection Bureau answers? ›
The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.
Is the Consumer Financial Protection Bureau a real thing? ›
We're the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders, and other financial institutions.
Why am I getting a letter from CFPB? ›
Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing.
Does the CFPB have any power? ›
We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates. The depository institutions and affiliates included in the list below are currently under CFPB's jurisdiction and subject to CFPB supervision and examination.
How long does it take for a complaint to be respond to CFPB? ›
The CFPB expects companies to provide complete, accurate, and timely responses tailored to the issues described in each consumer's complaint, generally within 15 calendar days.
What powers does the Consumer Financial Protection Bureau have? ›
The CFPB has regulatory authority over providers of many types of financial products and services, including credit cards, banking accounts, loan servicing, credit reporting and consumer debt collection. A person shops in the beef section of a supermarket on February 13, 2023 in Los Angeles, California.
When should I contact CFPB? ›
Having a problem with a financial product or service? We help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. Tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.
Why is the CFPB controversial? ›
Financial Institutions Challenge CFPB
- For one, it reduces their success rate of collecting back their money. It also imposes an additional administrative burden on them, since if pre-authorized debits aren't an option, lenders may need to rely on other collection methods like sending notices or calling borrowers.
Does CFPB cost money? ›
There is no initial fee for you to make a FOIA request. However, the Freedom of Information Act allows the Bureau to charge you fees to recover the direct costs of providing records to you.
CFPB Sues Horizon Card Services and CEO Robert Kane for Illegally Baiting, Gouging, and Trapping Families in High-Fee Credit Cards. Consumer Financial Protection Bureau.
Has the CFPB been successful? ›
In 2023, the CFPB filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits. Those orders require lawbreakers to pay approximately $3.07 billion to compensate harmed consumers and pay approximately $498 million in civil money penalties.
Are CFPB complaints effective? ›
The CFPB Effectively Monitors Consumer Complaints but Can Enhance Certain Processes.
How long does a CFPB investigation take? ›
However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.
What actions can the CFPB take? ›
When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.
What does the CFPB investigate? ›
The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate. Timely actions, according to the agency, help better protect consumers.
What does the CFPB have the authority to do? ›
The CFPB has regulatory authority over providers of many types of financial products and services, including credit cards, banking accounts, loan servicing, credit reporting and consumer debt collection. A person shops in the beef section of a supermarket on February 13, 2023 in Los Angeles, California.
Is the CFPB effective? ›
Each year since 2011, we've audited and issued an opinion on CFPB's financial statements and related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We've found that statements were reliable and that controls over financial reporting were effective.
