The Consumer Financial Protection Bureau (CFPB) has announced it will continue to keep complaints public. As part of this decision the CFPB has announced a number of enhancements to the database such as:
- More prominently display disclosures making it clear that the Consumer Complaint Database is not a statistical sample of consumers’ experiences in the marketplace;
- Highlighting the availability of answers to common financial questions for consumers to help inform them before they submit a complaint; and
- Highlighting consumers ability to contact the financial company directly to get answers to their specific questions.
This is a massive win for consumers, financial institutions were pushing hard to make complaints not public. The public database is useful for consumers (you can see common complaints that other consumers might have before signing up for a product or service) and is also used to hold these institutions to account by media outlets (for example I’ve been contacted by mainstream media outlets before asking about certain particularly common complaints usually surrounding bonuses not being paid out).
Like many of you, I have used CFPB many times to get banks to pay out sign-on bonuses when things don’t go smoothly. CFPB has been an exceptional help. Without its help, I do not think I would have pursued and pushed for many bonuses if banks had put up much of a resistance.
I dropped a note to Senator Elizabeth Warren’s office through her website appreciating her work putting together the CFPB. I am not her constituent and I wrote that in the first line itself. I likely will get no personal response from her and I don’t mind that at all. If CFPB has been of help to you, perhaps you should do the same. The senators need to know in the first person that their work is making a difference.
Hoping to get advise here – Filed a complaint with a Peoples United Bank not honoring the checking account sign-up bonus. The bank responded without resolving the issue, looks like the CFPB claim is now closed: RESPONSE TYPE “Closed with explanation”. Not sure if it was closed by the bank or by CFPB. Appreciate anyone who has similar experience to shed light on what to do next? There is a “Submit your feedback” to click on, not sure if this will re-open the claim.
just had this happen to me. You have exactly 60 days to respond to the copanies response. If that date has passed (it will show the date) Then you can file a new complaint or add it to the companies CFPB website for all to view. You will not be able to submit feedback this will not re-open the complaint. once it is past the date they give you to respond the cfpd can’t even reopen.
This is good news. Ready to file one vs Citi on those AA miles offers.
which promo was that? i get junk mail all the time from Citi about AA mile offers
I, like I’m sure many others here, filed a CFPB complaint against Capital One. Luckily, enough people complained that they reversed course and sent out the full $500 bonus that was promised despite them initially not willing to do so. Didn’t know it even existed were it not for this site and fellow bonus chasers so big thanks all.
Since we’re all sharing CFPB stories: I’m currently 1 for 0. Opened an account with Citizen’s Bank for that sweet $450 bonus promo they had going on, made the required deposit, got confirmation that requirements had been met… but that the account had been closed because my balance had been zero for… 7 days. After a very frustrating phone call during which I was told there was nothing they could do to reopen the account to get me the bonus, I sent a Secured Message to them stating I would file a CFPB complaint if the situation was not rectified. The threat alone got the job done, never actually had to file the complaint.
On the topic of CFPB, has anyone thought about filing a CFPB against Square about the recent debit card changes? I’m not saying companies shouldn’t be able to change how they operate, but Square advertised that Boosts would *not* be removed once selected. Without notice, they changed that stance (referring to the $1 coffee boost) and removed the related wording on their website. Though it was a good run, some of us have to be feeling misled about getting this card?
CFPB is good overall. In my case 1 win and 1 loss.
Agreed. I’m batting ~5-6 wins and 1 loss. Just over $1000 at stake.
It’s really nice (and easy to stay nice) when calling in to fix a problem knowing that I have some backup. I often wish I could file with CFPB first.
5 out of 6 is a good percentage. These banks are playing the same game we are. My loss resulted from a US Bank manager outright lying. Long story. It became a he said she said. After the “loss” I sent them a response saying they ought to be proud that their manager saved them 300 bucks. I’m slowly cooling off.
You should reapply using the name Machine Gun John McCann; maybe that will help them get the message….
Travesty. In true capitalism banks are allowed to screw people who, if they want, can fight back by boycotting the banks and starving themselves.
I, for one, encourage you to do this!
Nice! Finally a win. It’s kind of back-of-my-mind terrifying how slowly but steadily big corporations are eliminating transparency and accountability. It makes perfect sense for them, but as a consumer it kind of sucks realizing what we’re up against.