Banking & Financial Institutions

Consumer complaints already pouring into CFPB

{mosads}The CFPB touted its language prowess in the report, noting that the toll-free consumer complaint line can deal with consumers in 191 languages.

The report, which details what the agency has been up to since opening in July, was released the day before CFPB Director Richard Cordray was scheduled to testify before the Senate Banking Committee.

The CFPB is still building itself up — it has hired about 750 people so far, about half of its budgeted workforce — but is already hearing from the public on a variety of financial issues. 

The team at the CFPB devoted to responding to consumer concerns processes the complaints, and then sends them along to the company that is the subject of the complaint to offer a chance to respond.

So far, a little over half of the complaints received have been settled between the company and the consumer “with relief.” Another 30.6 percent have been settled without a mutually agreed upon remedy, while companies are still reviewing another 11.9 percent.

While the CFPB is getting itself up and running, it has struggled to avoid partisan controversy on Capitol Hill. Republicans have pushed for months for changes to the bureau’s structure, and blocked Cordray’s nomination to be director. President Obama named Cordray to the position via a recess appointment, which has GOP lawmakers calling foul, saying he was not legitimately named to the position.

Sen. Roger Wicker (R-Miss.) is boycotting Cordray’s appearance on Capitol Hill Tuesday in protest of the recess appointment.

— This story was updated at 3:46 p.m.

Tags Roger Wicker

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