CFPB Updates Consumer Complaint Manual (May 26, 2015)
The CFPB this month updated its Company Portal Manual, which explains in detail the process when consumer complaints are submitted to the bureau as well as the procedures companies must follow if they wish to respond to a complaint. For example, the CFPB requests that companies provide response to a complaint within 15 calendar days from when it was submitted, or a company can indicate that its work to close the complaint is “in progress” and provide a final explanation to the consumer within 60 calendar days of the complaint. The bureau also requires companies’ responses contain certain information, including:
- Steps taken to respond to the complaint, detailing the substance of the response, a description of communication with the consumer, and copies of all written communications to the consumer.
- Communications received from the consumer in response to the steps the company has taken and attach copies of all written communications received from the consumer in response.
- Follow-up actions the company is taking or planning to take in response to the complaint.
Last March, the CFPB announced it was finalizing its consumer narrative policy and, 90 days after the policy is published in the Federal Register, consumers who have opted in would be able to make their complaints about financial products and services in the bureau’s Consumer Complaint Database public. The CFPB initially proposed the policy July 2014 and reviewed comments from consumer groups, trade associations, companies and individuals.
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