Pursuant to the Dodd-Frank Act, on July 21, 2011, the CFPB established a credit card complaint hotline on its website to allow consumers to register complaints about problems they are having with card issuers or servicers regarding their credit cards. The hotline, which was designed to alert banks as to the consumer complaints and require a response within 10 days after receipt, experienced some technical glitches that either caused a delay in the delivery of, or failed to deliver, the complaints to some banks. Without notification from the Bureau, the banks are not aware a complaint has been filed.
The Bureau became aware of these system glitches and has indicated that most of the problems have now been resolved, with any remaining problems to be corrected within the next few weeks. On a call with industry participants held on August 31, 2011, the CFPB indicated that, given the system issues, it will be flexible on the 10-day bank response time for the time being. The CFPB also appears to be performing some validation of the consumer complaints, so it might take up to 48 hours before the complaint is accessible to the bank. The Bureau’s goal is to shorten this time to 24 hours.
Note that the Bureau will be rolling out a similar complaint process for financial products other than credit cards over the next several months.