RSSThe CFPB has lengthened the time allotted for a company to respond to a consumer complaint. In earlier version of its procedure the bureau allowed 10 calendar days for a company to respond to a complaint. The time frame has now been extended to 15 calendar days. If a response is not received in that time the complaint is considered “past due.”
An updated CFPB manual also states that if a response is not received in the required time the complaint could become prioritized for investigation by the CFPB. This can happen if a company does not respond to a complaint within 30 calendar days or if a company responds that the complaint is “in progress” but does not give a follow-up response within 60 calendar days. The bureau’s new Company Portal Manual is clear to note that the response time expected by the CFPB does not replace any statutory requirement already in place for consumer complaints.
The CFPB has also further developed its consumer complaints platform. The bureau now has a “Company Portal” which will serve as the secure communication forum over which consumer complaints will be resolved. Consumers will be able to submit complaints, approved complaints will be forwarded to the accused company by the CFPB, and the accused companies can respond through this one system.
