Consumer Financial Protection Bureau's Complaint Portal Remains Active Despite Funding Freeze
The Consumer Financial Protection Bureau (CFPB) may be temporarily inoperative due to a funding freeze, but its popular online consumer complaint portal is fully functional. Consumers facing issues with banks or credit reporting agencies are encouraged to submit complaints through the portal.
The system automates submissions, allowing consumers to report problems directly to the CFPB database. These complaints are then forwarded to the responsible companies, which must respond within 15 days or provide a resolution within 60 days.
Despite the funding freeze, the portal's automated nature ensures that complaints continue to reach the intended recipients. According to a former CFPB official, disabling the portal would require significant effort.
The portal has gained popularity since its launch in 2012, receiving 2.7 million complaints in 2024. It is particularly popular on forums like Reddit, where users recommend it as a quick way to address financial service issues.
Most complaints focus on credit reporting (80%), with debt collectors and bank accounts also being common concerns. In 2024, 99.6% of complaints received timely responses. Around 41% resulted in some form of relief, while 53% provided explanations for company actions.
The public nature of the complaints and CFPB's supervision process motivate companies to respond appropriately. Regulators can intervene if responses are unsatisfactory or refer issues to the CFPB's enforcement arm.
While the CFPB staff is not currently handling individual complaints, the portal remains a valuable tool for consumers. It serves as a channel for both regulators and customers to address financial service problems.
State regulators and members of Congress can also access the complaint data. However, some concerns exist that the absence of CFPB staff may reduce companies' incentive to respond seriously.