Government Watchdog Agency

Government Watchdog Agency Available for Borrowers' Complaints

In 2010, the Consumer Financial Protection Bureau (CFPB) was created, as a result of lenders abusing or ignoring borrowers with regard to mortgage and lending complaints.

Since then, the bureau has received over 650,000 complaints, and presently receive 20,000 complaints per month. The CFPB has used the data it has collected to launch investigations, guide its oversight of banks, and publicly chart lending trends that appear to be unfriendly to consumers. As someone in the bank business states, "The financial institutions understand there is someone looking over their shoulder now. There's a cop on the beat."

For consumers, it starts with submitting a complaint through the CFPB's website, but a complaint can also be launched by phone, mail, email or fax. Once that happens, a consumer response team screens the complaint, and within a day, forwards them to the lender that is being complained about. The lender then has 15 days to respond and up to 60 days to resolve the complaint. More than 90% of the cases settle this way.

If the consumer/borrower does not feel they were treated fairly, they have the opportunity to have the CFPB investigate the matter, and the agency has influence and abilities that a borrower does not.

To contact the CFPB: go to their website at http://www.consumerfinance.gov.
Their telephone number is (855) 411-2372.


The Law Office of Michael E. Ripley focuses on loan modifications and serves clients throughout Southern California, including the East County and North County areas in San Diego, California, which includes: the cities of San Diego, Del Mar, La Jolla, Carmel Valley, Chula Vista, El Cajon, Carlsbad, Oceanside and San Diego County.