CFPB on Speed Dial for Newark Residents

The Consumer Financial Protection Bureaurn(CFPB) has teamed up with the City of Newark to provide an immediate andrnaccessible conduit for consumer complaints about financial products andrnservices.  Residents of the New Jersey cityrnhave a local non-emergency hotline they can call to access city services andrnnow when they dial 4311 with a relevant question or complaint they will berntransferred to the CFPB Consumer Response Team. </p

“The CFPB’s job is to help consumersrnnavigate the often confusing financial marketplace and to hold financialrninstitutions accountable,” said CFPB Director Richard Cordray. “Through thisrncoordination, we will be able to reach and to help consumers who may not havernfound us otherwise.”</p

The Bureau began acceptingrncomplaints and questions in July 2011, starting with credit cards and graduallyrnadding mortgages, student loans, and credit reporting issues to the list.  To date the Bureau has received 130,000 on-linernand telephone submissions.  </p

The Consumer Response Department screensrncomplaints for completeness, jurisdiction, and non-duplication. Complaints thatrnmeet these criteria are then sent to the company (bank or nonbank) for reviewrnand response. Companies are given 15 days to provide a response and arernexpected to close all but the most complicated complaints within 60 days.rnConsumers can log into the CFPB’s website to check the status of theirrncomplaint and to provide feedback about the company’s response.

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