Money Monday: Consumer Financial Protection Bureau Statement

January 29, 2018, 12:00 pm EST | Share:

“The Office of Consumer Response analyzes consumer complaints, including the accuracy, completeness, and timeliness of a company’s responses as well as consumers’ feedback about that company’s responses, to ensure that consumers receive timely responses to their complaints and that the Bureau and other regulators, consumers, and the marketplace have the complaint information needed to monitor the functioning of the consumer financial markets for such products and services. Consumer Response uses a variety of approaches to analyze consumer complaints including, for example, cohort and text analytics to identify trends and possible consumer harm. Complaint analysis may prompt investigation of individual complaints or groups of complaints and possible referral to colleagues in the CFPB’s Division of Supervision, Enforcement, and Fair Lending & Equal Opportunity for further consideration. Consumer Response shares complaint data, analyzes, and offers insights to other offices to help the Bureau: Understand problems consumers are experiencing in the marketplace; develop financial education tools to empower people to know their rights and make informed decisions; scope and prioritize examinations and ask targeted questions when examining companies’ records and practices; and investigate issues and take action when we find problems. To learn more about the complaint handling process, visit: https://www.consumerfinance.gov/complaint/process/ or https://www.consumerfinance.gov/data-research/research-reports/2016-consumer-response-annual-report/