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Historically, most regulatory complaint databases have not been transparent to companies even though the nature and volume of complaints are regular triggers for investigations and enforcement actions. The Consumer Financial Protection Bureau (CFPB) has taken a different direction, establishing “company portals” to facilitate direct resolutions of consumers’ complaints. This article provides an overview of the CFPB’s complaint process, how it compares to traditional regulatory complaint collection systems, and the benefits and potential downsides of the company portal program.
This article was first published in the September 17, 2012 issue of Law360. Permission for article reprint has been granted.
This article was first published in the September 17, 2012 issue of Law360. Permission for article reprint has been granted.