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Complaints From New CFPB Not Reaching Banks

by on September 11, 2011

Technical problems may have kept complaints made about credit cards and credit abuse from reaching the appropriate banks.  The new phone reporting system put in place for the Consumer Financial Protection Bureau may have failed to properly route calls.  This is a major glitch for the month-old CFPB that must be corrected.

The CFPB says that it is aware of the issue and working to fix it as quickly as possible.  Representatives were not sure how many calls had been missed due to the technological problem.  Most major banks reported a drop in complaint volume when the CFPB took over about a month ago.

The Dodd-Frank Act required the creation of a single entity to handle consumer credit issues and the complaint system in question.  Previously, several different agencies handle differing aspects which consumers found to be confusing and difficult to manage.

Detractors say that this hitch is evidence that the CFPB is not yet ready to take on all its responsibilities.  However, the Bureau says it is ready and will have the system issued fixed within a few weeks.

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