Why is the OCC referring me to the Consumer Financial Protection Bureau (CFPB) if my complaint is regarding a national bank or federal savings association? (2024)

FAQs

Why is the OCC referring me to the Consumer Financial Protection Bureau (CFPB) if my complaint is regarding a national bank or federal savings association? ›

The OCC is the prudential regulator for national banks and federal savings associations. However, since passage of the Dodd-Frank Act, certain rules and regulations were placed under the authority of the CFPB. If the OCC refers you to the CFPB it is because your concern(s) falls under the CFPB's regulatory authority.

In its wisdom, Congress in the Dodd-Frank Act separated chartering and prudential supervision from consumer protection enforcement, assigning chartering authority to the OCC and specific consumer protection enforcement authority to the 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. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

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.

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.

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.

The CFPB is compensating consumers who it alleged were deceived by Think Finance, LLC, into repaying loans they did not legally owe. Think Finance, LLC, made false demands and illegally took money from consumers' bank accounts for debts that were not owed under laws in 17 states, according to the CFPB's lawsuit.

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

Enforcement relies on a number of sources of information to identify potential issues that may warrant opening an investigation, including: Consumer complaints. The Bureau's whistleblower hotline. Referrals from federal regulators and other local, state, and federal agencies.

What does the CFPB consider a complaint? ›

Bureau defines consumer complaints as “submissions that express dissatisfaction with, or communicate suspicion of wrongful conduct by, an identifiable entity related to a consumer's personal experience with a financial product or service.”

By statute, a primary function of the CFPB is to collect, investigate and respond to consumer complaints.

Consumer reporting agencies have 5 business days after completing an investigation to notify you of the results. Generally, they must investigate the dispute within 30 days of receiving it. However, it has 45 days to investigate if you dispute after receiving your free annual credit report.

The CFPB implements and enforces federal consumer financial laws to ensure that all consumers have access to markets for consumer financial products and services that are fair, transparent, and competitive.

The CFPB has primary authority to enforce federal consumer financial laws for banks and other depository institutions with total assets of more than $10 billion, and their affiliates, which collectively hold more than 80 percent of the banking industry's assets.

Consumer Financial Protection Bureau (CFPB)

Most national banks must be members of the Federal Reserve System; however, they are regulated by the Office of the Comptroller of the Currency (OCC). The Federal Reserve supervises and regulates many large banking institutions because it is the federal regulator for bank holding companies (BHCs).

The CFPB has primary authority to enforce federal consumer financial laws for banks and other depository institutions with total assets of more than $10 billion, and their affiliates, which collectively hold more than 80 percent of the banking industry's assets.

Our core functions

The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace.

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.