3/ 20/ 2015 CFPB: Our Mission CFPB: Our Mission 1 Our Mission Note: This p resenta tion is being m a d e by a Consum er Fina ncia l Protection Burea u (CFPB) rep resenta tiv e on beha lf of the Burea u. It d oes not constitute lega l interp reta tion, guid a nce or a d v ice of the CFPB. This d ocum ent w a s used in sup p ort of a liv e d iscussion. As such, it d oes not necessa rily exp ress the entirety of tha t d iscussion nor the rela tiv e em p ha sis of top ics therein. Purpose: To make markets for consumer financial products and services work for Americans. By: Ensuring that consumers get the information they need to make the financial decisions that are best for them. Working so that: - prices are clear up front, - risks are visible, and - nothing is buried in fine print. 1 Bureau Structure Operations Office of the Director Division Consumer Engagement Research, Markets & Consumer Education & Financial Education Regulations Engagement Financial Supervision, Fair Empowerment External Affairs Lending & Enforcement Older Americans Ombudsman Legal Division Servicem em ber Affairs Operations Division Students 2 1
3/ 20/ 2015 CFPB: Our Mission Office of Servicem em ber Affairs: Our m ission 1 Office of Servicem em ber Affairs OSA Mission: Address consumer financial challenges affecting military personnel (including retirees and veterans) and their families. By: 1. Providing financial education, 2. Monitoring complaints, and 3. Coordinating with other Federal and state agencies on military consumer protection measures. Com plaints are an im portant way we learn about financial challenges im pacting the m ilitary. 4 Com plaints Process 5 2
3/ 20/ 2015 The CFPB accepts com plaints about Have a com plaint about a product or service not on this list? Call toll free (855)411-CFPB (2372), or TTY/ TDD (855)-729-CFPB (2372), and we’ll answer your questions and refer you to other resources that may help. Visit www.consumerfinance.gov/ complaint for more information. 6 Com plaint Process 7 Com plaint process: Com plaint subm itted • Web • Fax • Phone • Mail • Referral • E-mail 8 3
3/ 20/ 2015 Com plaint process: Review and route • Check for completeness and jurisdiction • Remove duplicates • Send to company 9 Com plaint process: Com pany response • Company responds to consumer and the CFPB, usually within 15 days • All but the most complicated complaints are responded to within 60 days. 10 Com plaint process: Consum er review • Consumer provides feedback about company’s response 11 4
3/ 20/ 2015 Com plaint process: Review and investigate • Feedback reviewed • If investigation is necessary, reconcile situation and collect documentation as needed • Identify suspected violations and consumer educational opportunities 12 Com plaint process: Analyze and report Internal stakeholders Congress Federal and state Consumer Complaint regulators Database FTC Sentinel 13 Resources Consumer Response Data and Trends 14 5
3/ 20/ 2015 Consum er Com plaint Database Publicly available: consum erfinance.gov/ com plaintdatabase 15 North Dakota Data (through 20 14) 16 Ask CFPB 17 6
3/ 20/ 2015 Conclusion 18 Help Us Help You! We want to hear from active duty, Guard, Reserve, retirees, family members, and veterans – the whole military community. Those who serve, or have served, our country should not have to worry about falling victim to unfair or deceptive financial practices. It’s our honor to represent the military community at the CFPB, and to make sure that its concerns are heard – and that we do something about them. Ways to connect: CFPB website: www.consumerfinance.gov • OSA Facebook page: www.facebook.com/ cfpbmilitary • OSA Twitter feed: www.twitter.com/ cfpbmilitary • Email: military@cfpb.gov • Order CFPB brochures: www.promotions.usa.gov/ cfpbpubs.html • * All photos courtesy of the Department of Defense. 19 7
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