The Consumer Financial Protection Bureau (“CFPB”), was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, an overhaul of the nation's financial regulations, and is tasked with defending consumer rights with banks, mortgage companies, the credit-card industry, payday lenders and others. On January 5, 2012, the CFPB announced through a post on its blog that its system for processing consumer mortgage complaints has been activated. According to the announcement, the CFPB is accepting mortgage complaints from consumers who have experienced difficulties in the housing market, including problems related to mortgage documents, mortgage servicers, and foreclosure. Financial institutions that receive consumer complaints from the CFPB will have only 15 days to provide a response to the CFPB and institutions are expected to resolve and close all but the most complicated complaints within 60 days. If the consumer submitting the complaint is unsatisfied with the resolution of their complaint, they can dispute the resolution with the CFPB. Read More ›
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