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Has anyone had luck with this route? I went through the process and was unsatisfied. CFPB sends the complaint and then the company self reports that they didn't

by meee 4y ago

Has anyone had luck with this route? I went through the process and was unsatisfied. CFPB sends the complaint and then the company self reports that they didn't do anything wrong and then the complainer has a chance to say they disagree. I don't think they intend to resolve specific issues. They seem more like a trendspotter than solutionist. It's a circuitous path to the solution of get a lawyer. With CFPB, you are basically doing volunteer work for the government, which is fine and possibly noble, but not what you probably set out to accomplish.

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morpheuskafka 4y ago
Every time I have used it I have gotten a proper response from the company (one case was a clear mistake). But yeah if they don't, there isn't any immediate action from the CFPB. For a bank, you can complain to the actual regulator (OCC for a national bank, Federal Reserve or FDIC for a state bank).
jayofdoom 4y ago
A cfpb complaint got an issue resolved I had where my credit card issuing bank was refusing to accept that a charge was fraud. I issued the complaint with the exact same information I had given the bank support: that the supposed evidence that it wasn't fraud didn't include my signature and had an incorrect address, and as soon as the cfpb complaint came through the issue was resolved.
rowborg 4y ago
I had a major issue with Bank of America that I could not get any support on. I filed a CFPB complaint and was directly contacted by a representative the next day who solved my problem. Complaints are a big deal for these banks and fintechs; if the complaint level gets high, the auditors show up and plant themselves in the office and start digging. And when they start digging, they find things... things that end in public fines and damaging press releases.
- diordiderot 4y ago
  More like fines for 1/10% of profits made from the illegal behavior.
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by meee 4y ago

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morpheuskafka 4y ago

Every time I have used it I have gotten a proper response from the company (one case was a clear mistake). But yeah if they don't, there isn't any immediate action from the CFPB. For a bank, you can complain to the actual regulator (OCC for a national bank, Federal Reserve or FDIC for a state bank).

jayofdoom 4y ago

A cfpb complaint got an issue resolved I had where my credit card issuing bank was refusing to accept that a charge was fraud. I issued the complaint with the exact same information I had given the bank support: that the supposed evidence that it wasn't fraud didn't include my signature and had an incorrect address, and as soon as the cfpb complaint came through the issue was resolved.

rowborg 4y ago

I had a major issue with Bank of America that I could not get any support on. I filed a CFPB complaint and was directly contacted by a representative the next day who solved my problem. Complaints are a big deal for these banks and fintechs; if the complaint level gets high, the auditors show up and plant themselves in the office and start digging. And when they start digging, they find things... things that end in public fines and damaging press releases.

diordiderot 4y ago
More like fines for 1/10% of profits made from the illegal behavior.

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