Feb. 8, 2013 – The CFPB on Thursday announced a pilot it is conducting for consumers in Newark, N.J., that gives them a special, four-digit information number that puts them in direct contact with the bureau’s Office of Consumer Response.
The bureau, in its announcement, did not address how this may be expanded later, and NAFCU’s regulatory affairs staff are in contact with the CFPB. The association continues to urge the bureau to ensure its process for handling consumer complaints does not add unnecessary red tape and that complaints included in the CFPB’s public database are verified and do not expose credit unions to reputation risk.
The CFPB said Newark consumers can now phone a local 4311 hotline to be connected with the CFPB’s consumer response office if they have questions or complaints about financial products and services, such as mortgages and credit cards.
“The CFPB’s job is to help consumers navigate the often confusing financial marketplace and to hold financial institutions accountable,” said CFPB Director Richard Cordray. “Through this coordination, we will be able to reach and to help consumers who may not have found us otherwise.”
In Newark, 4311 is a non-emergency phone line residents can call to access their local city services. Those calling it with a question or complaint about consumer financial products or services will be transferred to the bureau’s consumer response team.