How to File A Complaint With CFPB and Other Options

Is a bank, lender, or some other financial company treating you unfairly? You have several options, including submitting a complaint to the Consumer Financial Protection Bureau. If a financial institution has wronged you, then submitting a complaint may be your next step.

This article outlines the following ways to resolve your dispute against a financial company:

• File a complaint with the Consumer Financial Protection Bureau

• Send a demand letter

• File a complaint with the Better Business Bureau ("BBB")

• File a small claims court lawsuit

What is the Consumer Financial Protection Bureau?

The Consumer Financial Protection Bureau is U.S. government agency that sets and enforces rules that ensure that banks, lenders, and other financial companies are properly treating their consumers.

What types of complaints does the Consumer Financial Protection Bureau handle?

The Consumer Financial Protection Bureau handles a broad range of complaints against financial companies. Here are some of the most common examples:

• Money Transfers: You transferred money, but it never was delivered, or you transferred money to the wrong person and can't get it back.

• Bank account or service: Problems with your bank account and accessing the money in your bank account.

• Depositing or withdrawing money: You had a problem at the ATM where the correct amount was not deposited or the correct amount was not withdrawn.

• Credit reporting: Incorrect information on your credit report.

• Security breach: Failure to provide account security against scammers.

• Debt collection: Sent to collections for a debt you don't owe.

• Credit card: Billing disputes with your credit card company.

• Student Loans. Sent to collections for student loan payments that you don't owe.

If you think a financial company has acted wrongfully against you, the Consumer Financial Protection Bureau may investigate them on your behalf.

Consumer Educational Tools from the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau has published guides on common questions relating to problems with financial companies and what your rights are. Here are some quick links:

• Money Transfers

• Fraud and scams

• Bank accounts and services

• Auto Loans

• Debt Collection

• Student loans

The CFPB’s complaint process allows consumers to report financial product or service issues. Here’s an overview of how the process works:

Submitting a Complaint:

• You can submit a complaint online, by phone, or by mail. During submission, you’ll provide information about the issue, select the type of financial product (e.g., credit card, mortgage), and describe the problem.

• The CFPB also allows you to upload supporting documents (such as statements or letters) that help explain your case.

Processing:

• Once submitted, the CFPB reviews your complaint and forwards it to the company your dispute is with (usually within a day). You will receive email updates as your complaint moves through the process.

Company Response:

• The company typically has 15 days to respond, although more complex issues may take up to 60 days.

• The company’s response may include explaining its actions, a proposed resolution, or other relevant information.

Review and Feedback:

• After receiving the company’s response, you can review it and provide feedback. You can indicate whether you’re satisfied with the response or still need further help.

Complaint Status and Data Sharing:

• Throughout the process, you can log into the CFPB’s online portal to check the status of your complaint.

• Most complaints, including responses, are added to the CFPB’s public Consumer Complaint Database (with personal details removed), helping to inform others about issues and trends in the financial sector.
  

• To get started or track a complaint, visit the CFPB’s complaint page. The CFPB aims to help consumers address issues directly while ensuring companies address common problems and promote fair practices.

A demand letter is a formal letter that explains what happened and requests that the financial institution resolve the problem. Include details like account numbers (if necessary), a clear explanation of the problem, and any actions you expect the bank to take.

Here are some reasons why you should consider sending a demand letter:

1. A demand letter lets the financial institution know you are serious about the issue and prepared to take further action to resolve it. Often, simply sending a demand letter is enough to encourage a resolution.

2. If you file a small claims lawsuit against the bank, the judge may ask if you tried to resolve the issue outside of court. Sending a written demand letter provides a record of your attempt to settle the matter, which you can present as evidence.

3. A demand letter also helps you organize your facts, document key events, and create a clear timeline. This makes it easier to stay consistent and factual as you work to resolve your complaint.

What is the BBB?

The BBB is a non-profit that serves as an intermediary between companies and consumers.

Reasons Why Some Financial Companies Respond to BBB Complaints

• If the financial company is accredited with the BBB and they don't respond to a BBB complaint, their accreditation may be revoked and the complaint becomes part of their BBB profile.

• If the financial company is not accredited with the BBB, the complaint will become part of their BBB profile.

• BBB reviews provide other consumers with confidence when engaging with a financial company. Financial companies do not want negative BBB complaints.

What types of complaints against financial companies does the BBB handle?

The BBB handles a broad range of complaints against financial companies. Here are some examples:

• If your financial company falsely advertises a promotion.

• If your financial company fails to refund you or credit you money owed.

• If your financial company does not fulfill a term to their contract.

• The financial company is charging you for a service you did not sign up for.  

Read More: How to file a complaint with the Better Business Bureau (BBB)

How to file a complaint against a financial company with the BBB

1. Click here to go to the Better Business Bureau website.

2. Scroll to the bottom of the page and click the button “Start Your  Complaint.”

What to Expect Once you Submit your Complaint to the BBB

• The BBB will forward your complaint to the financial company within 2 business days.

• The financial company will be asked to respond within 14 days, and if a response is not received, a second request will be made.

• You will be notified of the financial company’s response when the BBB receives it (or notified that they received no response).

• Complaints against financial companies are usually closed within 30 business days.

Suing a financial company is a very common type of small claims lawsuit. Make sure to review your financial company's terms and conditions for any requirements prior to filing a lawsuit.

What types of lawsuits can be filed against a financial company in small claims?

Many types of lawsuits can be filed against a financial company, the most common ones are over:

• You transferred money but it never was delivered or you transferred money to the wrong person and can't get it back.

• Problems accessing money in your bank account.

• Problem with a promotion they advertised but didn't give you.

• You were not refunded after they promised to refund you.

• Problem when you deposited or withdrew money at the bank.

• Sent to collections for a debt you don't owe.

• Incorrect or false information on your credit report.

• Billing disputes with your credit card company.

Make sure to review the Consumer Financial Protection Bureau guides listed above, run a google search to research the law, or contact a lawyer if you want to determine your chances of winning your lawsuit.

Small Claims Court Limits

Each state has a different maximum amount you can sue for in small claims court, ranging from $3,500 to $20,000. Review our 50-state guide to small claims court limits.

Learn more about suing in small claims court in our 50-State Guide to Small Claims Court.