CFPB Ombudsman frequently asked questions | Consumer Financial Protection Bureau (2024)

FAQs

Does filing a complaint with the CFPB do anything? ›

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.

Ombudsman. The CFPB Ombudsman's Office provides an independent, impartial, and confidential resource to informally assist individuals, companies, consumer and trade groups, and others in resolving process issues with the CFPB.

Our work includes: Rooting out unfair, deceptive, or abusive acts or practices by writing rules, supervising companies, and enforcing the law. Enforcing laws that outlaw discrimination in consumer finance. Taking consumer complaints.

The CFPB investigates potential violations of federal consumer financial laws by entities or individuals within its authority and initiates public enforcement actions when appropriate.

We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

To be unfair, the act or practice must be injurious in its net effects — that is, the injury must not be outweighed by any offsetting consumer or competitive benefits that also are produced by the act or practice.

Your company reviews the complaint, communicates with the consumer as appropriate, and determines what actions to take in response. Your company provides a response within 15 calendar days. If your response is not final, let us know. Your company will then have up to 60 calendar days to provide a final response.

If you're a current or former employee of a company that you think has violated federal consumer financial laws, or if you're an industry insider who knows about such a company, submit a tip to our Office of Enforcement.

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.

At issue is whether the CFPB's funding structure violates the Appropriations Clause of the U.S. Constitution, which states that “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Since the CFPB is not funded through the annual appropriations process, but through permanent ...

What actions can the CFPB take? ›

When a financial institution, individual, or other entity subject to the CFPB's authority breaks the law, the CFPB may take enforcement action against them. In certain cases, the CFPB may partner with other federal, state, or local agencies to investigate the wrongdoing and coordinate the enforcement action.

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.

The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession and is an independent bureau within the Federal Reserve.

The Notice and Opportunity to Respond and Advise (NORA) process is used by Enforcement, at its discretion, to afford individuals and entities under investigation an opportunity to present their positions to Bureau staff before a lawsuit is filed against them.

(i) An individual who applies to you for credit for personal, family, or household purposes is a consumer of a financial service, regardless of whether the credit is extended.

Over the past few years, the CFPB has continued to deliver tangible results for the public, ensuring that consumers are protected, while preparing for the future as tech giants and artificial intelligence reshape the industry.