WASHINGTON – The newly formed Consumer Financial Protection Bureau on Thursday announced it has begun reviewing consumer complaints on bank and credit union checking and savings accounts.
In addition to collecting concerns about fees, the agency said it is prepared to help address consumer issues related to bank withdrawals, ATM cards and debit cards, and payment issues. Consumers may file a complaint using the bureau’s consumerfinance.gov website or by mail, fax or phone.
Under the new agency’s structure it will send complaints to NCUA or the relevant state regulator, except for the nation’s three biggest credit unions, which come under its rubric.
“Consumers need someone on their side to keep banks and credit unions accountable – that is our job at the Consumer Bureau,” said the bureau’s director, Richard Cordray.
After a consumer files a complaint, the bureau said it works to help consumers get a speedy response. It expects firms to respond to complaints within 15 days, and it seeks to close all complaints within 60 days. The agency also provides consumers a way to dispute a bank’s resolution.
The announcement comes amid news that Bank of America, which caused a slew of controversy when it launched an ill-fated debit charge last fall, said it is reviewing new fees to replace some of the revenue it lost from new restrictions under the Dodd-Frank Bill, including lost debit revenue.
Through Feb. 22, the CFPB had received more than 22,000 complaints, including nearly 12,000 on credit cards and close to 7,000 about mortgages.
