InfoBytes, March 2, 2012 - A Weekly In-depth review of news & developments in the financial services industry.


Topics In This Issue

• InfoBytes Blog

• Federal Issues

• Courts

• Miscellany

• Firm News

• Mortgages

• Banking

• Securities

• Litigation

• E-Commerce

• Privacy/Data Security

Excerpt From Federal Issues

CFPB Expands Complaint-Taking Program to Include Deposit Products. On March 1, the CFPB announced that it is has begun taking complaints regarding bank deposit products. As it has done previously with mortgages and credit cards, the CFPB is asking consumers to submit complaints through its website and other means regarding (i) account opening, closing, and management; (ii) deposits and withdrawals; (iii) debit or ATM cards; (iv) making or receiving payments or transmitting funds; and (v) problems related to low account funds. Banks will be notified when they are the subject of a complaint and the CFPB expects banks to respond to complaints within fifteen days. Consumers can dispute a bank's resolution of a complaint, but the CFPB aims to have each complaint resolved within sixty days. Although not formally announced, the CFPB has, on its website, also created space for consumers to submit complaints regarding student loans and consumer loans, such as auto loans.

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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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