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CFPB Begins Accepting Complaints About Bank Accounts

Posted on 3/2/2012

The Consumer Financial Protection Bureau yesterday began accepting consumer complaints about bank accounts, including checking accounts, savings accounts, CDs and related services.

Consumers can file a complaint using the bureau's website, or by mail, fax or phone, the CFPB said. The bureau expects banks to respond to such complaints within 15 days, and it seeks to close them within 60 days. Each complaint will be processed individually, and consumers will have the option to dispute a bank's resolution, the CFPB added.

The bureau expects complaints to fall into five categories: opening, closing or managing an account; deposits and withdrawals; using a debit or ATM card; making or receiving payments and sending money to others; and problems related to low account funds.

ABA noted that the CFPB's announcement isn't anything new for the banking industry. "Bankers have responded to regulator-channeled complaints and resolved them consumer-by-consumer for decades," Rich Riese, SVP at the ABA Center for Regulatory Compliance, told the Wall Street Journal.

"The real news will be when the bureau expects nonbanks to respond to consumer complaints on a one-to-one basis instead of letting the [Federal Trade Commission] collect them until they number in the thousands before taking any action," Riese said.

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