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Tell it to the Ombudsman

Posted in CFPB General

The CFPB has announced the opening of its Ombudsman Office to assist in the resolution of individual and systemic issues that a depository entity, non-depository entity or consumer has with the CFPB. The Office was established by the Dodd-Frank Act. It’s intended to be an independent, impartial and confidential resource which, according to the description on the CFPB’s website,  people can use “when they have not had success with the existing CFPB processes for dealing with their complaints.”

The description further states that others may use the Ombudsman’s Office “to try and achieve an informal resolution before taking it to the next level” or “because they want to keep their concerns confidential.” The Office can make recommendations on how the CFPB should resolve an issue but among the things it won’t do is address matters already in litigation or delay any statutory, regulatory or other CFPB deadlines.

The Office says it’s “ready to hear from the depository and non-depository entities we regulate on issues concerning our supervisory and enforcement processes” but won’t be ready to hear from consumers until spring 2012.