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Consumer Financial Protection Bureau
Consumer Financial Protection Bureau
Ready To Hear Complaints About Home
Loans

The new federal agency, Consumer Financial Protection Bureau (CFPB), is ready to hear the
million of complaints and inquiries about mortgages. The agency will hear how the banks lost
documents, how lenders did not respond to homeowners in a timely fashion, and how
homeowners were refused loan modifications.

In its first ninety days of official business the agency has handled thousands of beefs from irate
consumers regarding their credit cards. More than 5,000 credit card holders have taken their
complaints directly to Washington.

The good news is that companies are resolving the complaints. Bad press definitely hurts the
bottom line. In todays economic climate, companies cannot afford to lose customers. In about
400 cases, out of a total of 3,100, consumers were not satisfied with the way their complaint
was resolved.

The agency will handle all inquiries about all types of financial products by the end of 2012. We
can expect to hear a lot about payday loans and pawn shops.

The agency has done a great job in making the process of filing a complaint very simple. A
consumer goes to the agency's website (www.consumerfinance.gov). Click on "Submit a
mortgage complaint", or if you have an issue with your credit card company click on "Submit a
credit card complaint". There is also an online chat function on the website. If you prefer you
can click on "Tell your story" and write a brief description of the problem you are having with
your lender or credit card company. This feature is similar to making a comment on a blog.

For those who prefer to speak to a "live" person, there is a call center right here in the USA.
You can get a knowledgeable operator who will listen and give you the correct advice. There
are over a hundred different languages spoken at the call center.

Americans do need financial protection from big banks and other lenders. Think of what the
Consumer Product Safety Commission (CPSC) has done for our citizens. We have safer car
seats, safer cribs for our children and safer curtains and blinds, just to name a few products. If
we have protection to buy a crib, why can't we have protection when we take out a mortgage on
our house, or get a credit card? Sure, there is no personal injury or death, but the homeowner
could be left in foreclosure or bankrupt.

The CPSC was created by President Nixon in 1972 and has more than paid for itself. Product
related deaths and injuries have declined since its inception saving approximately $2 billion
annually.

We hope and pray that the Consumer Financial Protection Bureau will be just as successful as
the Consumer Product Safety Commission.