TopMortgage Compliance Update (1)
 

October 20, 2011

 


CFPB: Presentation on Consumer Complaints Portal

Subscribe-Blue
Newsletter-Blue
 Website-Blue
 Forums-Blue
Twitter-2
Facebook-1
Linkedin-1
Banging Head Let us help!
Isn't it time to bring in the professionals? 
Contact Us-1-Beveled-160

Website Forums

LCG-Square-CC-1  

CFPB Forum-CC-1  

Dodd-Frank Forum-CC-1  

NMLS Users Forum-CC-1  

FHA Forum-CC-1  

516-442-3456  

Home-Website-LCG(160x27)-1
Compliance-Website-LCG(160x27)-1
Presentations-Website-LCG(160x27)-1
About Us-Website-LCG(160x27)-1
Clientele-Website-LCG(160x27)-1
Articles-Website-LCG(160x27)-1
Newsletters-Website-LCG(160x27)-1
Library-Website-LCG(160x27)-1
Contact Us-Website-LCG(160x27)-1
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:
CompanyPortalCompany 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.

CFPB-Complaint Process-1
StatusSelecting the Status   
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.
CFPB-Complaint Process-2
LIBRARYLibrary
Law Library Image
Click for Library
 

    Consumer Financial Protection Bureau

 

Company Portal Manual

     Consumer Complaints     

September 20, 2011

 

  RETURN TO TOP  

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.


� 2006-2011 Lenders Compliance Group, Inc. All Rights Reserved.