CFPB Ombudsman's Office Publishes First Annual Report

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Full text copy of the Consumer Financial Protection Bureau Ombudsman's Office first annual report. From the report:

"The CFPB Ombudsman advocates for a fair process as between consumers, the providers of consumer financial products and services, and the CFPB. As with other ombudsman offices, the basic ombudsman tenets of independence, impartiality, and confidentiality allow the Ombudsman to advocate for a fair process…

Individuals, companies, or groups reach the Ombudsman when the regular avenue does not work for some reason, or they wish to highlight a concern in confidence. The Ombudsman reviews each issue impartially and may make a recommendation to the CFPB to change its process. Specifically, we make recommendations either on existing processes if their application does not lead to a fair process, or where implementing a new process would achieve a fair process.

This first annual report to the Director reflects the CFPB Ombudsman’s activities from July 2011, when we began establishing the foundational elements for the Office, through September 30, 2012, the end of the first fiscal year in operation. It describes the setup phase of the Office, informal feedback provided to the CFPB, individual inquiry data, systemic analyses, and objectives for FY2013."

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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