September 2, 2011
The Consumer Financial Protection Bureau’s new credit card complaint system is hearing plenty of criticism, but maybe not in the form organizers expected.
“A new federal complaint system that was supposed to help consumers resolve disputes with credit card issuers is coming under fire for possibly bungling cases,” CreditCards.com reports. “The problem: Some consumers… may not have had their concerns promptly forwarded to credit card issuers for resolution. Banks say they have only 10 days to respond to consumer complaints, but if the CFPB doesn’t alert them that complaints have been filed, banks can’t quickly address consumer concerns.”
Richard Hunt, president of the Consumer Bankers Association, called the issues “a glitch” in the CFPB’s system. A CFPB spokeswoman says the organization is working to correct the problems and that many have already been fixed.
“We anticipated that we would run into the kinds of technical challenges that are inevitable in any launch and set up a rapid response team to address issues as they come up,” CFPB spokeswoman Jennifer Howard, said in an e-mailed response. “… Some banks did not initially receive complaints through our secure portal because of browser compatibility issues (i.e., the issuers were using older versions of a browser than the ones for which we had prepared).”
Click here to read the full article.
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