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1 1 (February 2, 2024)

handle is hein.crs/goveofo0001 and id is 1 raw text is: Congressional ____ ~ Research Service CFPB Consumer Complaints: U.S. and Congressional District Data February 2, 2024 Consumers having trouble with a consumer financial product or service-such as with a mortgage, student loan, credit card, payday loan, bank account, credit reporting, or debt collection-can submit complaints to the Consumer Financial Protection Bureau (CFPB). This Insight discusses the CFPB's consumer complaint process and public database and provides analysis of complaints in FY2023. It also discusses how to get analysis about your congressional district from CRS. CFPB Consumer Complaints: Process and Database The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203; @ 1034) requires the CFPB to establish a consumer complaint system to help consumers address their complaints about consumer financial products and services in a timely manner. The law also requires the CFPB to publish an annual report to Congress summarizing complaints received during the previous year. The CFPB uses consumer complaints to monitor consumer financial markets, prioritize the supervision of companies, enforce consumer financial laws, and support other CFPB activities. Consumers can submit complaints either online through the CFPB's website or by phone. After a consumer submits the complaint, the CFPB forwards it to the company at issue. The company typically responds back to the CFPB, which subsequently forwards the response back to the consumer. According to the CFPB, most companies respond to consumer complaints within 15 days. When appropriate, the CFPB refers complaints to other relevant federal agencies. Consumer complaint information is compiled and made publicly available on the CFPB's website. The CFPB publishes complaints only after the company has time to respond and confirm that the complaint is from its customer. The database includes the submission date of the complaint, information regarding the consumer financial product, the consumer's issue with the product, and the company's response to the consumer, among other things-depending on consumers' consent to share this information. Consumers can voluntarily share limited demographic information, such as if they are servicemembers or older adults. Because it includes information only from the consumers who file complaints, it is important to note that this database is not a statistical sample of consumers' experiences in the marketplace and these Congressional Research Service https://crsreports.congress.gov IN12315 CRS INSIGHT Prepared for Members and Committees of Congress

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