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On July 21, 2011, the CFPB recently developed a special access portal that allows financial institutions to view and respond to complaints in the CFPB consumer complaint database.
Recently, the CFPB provided a presentation describing the consumer complaint portal, relevant information regarding its use, and FAQs. The presentation is accurate as of September 20, 2011.
At this time, the portal takes consumer complaints about credit cards and provider resources for distressed homeowners. This portal allows complainants to check the status of their complaints.
The portal is meant to serve as a liaison between the CFPB and financial institutions. After receiving a complaint and addressing the complaint directly with the consumer, financial institutions can use the portal to provide an explanation of the resolution and the actions taken, select a resolution status, and attach relevant documents if necessary.
The Presentation is available in our Library.
In this Newsletter:
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 Company Portal Manual |
The CFPB calls the consumer complaint portal's presentation the "Company Portal Manual." Essentially, the Company Portal is designed to enable financial institutions to view and respond to complaints submitted to the CFPB by consumers.
In using the portal, financial institutions are able to provide an explanation of the resolution and the actions taken with respect to the consumer compliant.
Additionally, financial institutions will provide a status for the complaint and may actually attach relevent, supporting documentation with respect to the resolution.
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Selecting the Status
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The CFPB asks that financial institutions respond to a consumer complaint within 10 days of the filing date.
There are four possible statuses that may be selected by the financial institution: Full Resolution Provided, Partial Resolution Provided, No Resolution Provided, and Incorrect Company.
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LIBRARY
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Consumer Financial Protection Bureau
Company Portal Manual
Consumer Complaints
September 20, 2011
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Lenders Compliance Group is the first full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of hands-on and automated services in residential mortgage banking.
We are pioneers in outsourcing solutions for mortgage compliance.
This communication is sent to our valued clients and colleagues, who regularly receive our Mortgage Compliance Updates, Compliance Alerts, and Commentaries.
These publications are free to subscribers. Information contained herein is not intended to be and is not a source of legal advice.
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