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CFPB Begins Accepting Consumer Complaints on Prepaid Cards and Additional Nonbank Products
Wednesday, July 23, 2014 6:30 AM

The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including debt settlement services, credit repair services, and pawn and title loans.

The CFPB started taking complaints about credit cards when it opened its doors in July 2011. In addition to taking complaints regarding yesterday’s new products, the CFPB also handles complaints about mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collection, payday loans, and money transfers. The CFPB requests that companies respond to complaints within 15 days and describe the steps they have taken or plan to take. The CFPB expects companies to close all but the most complicated complaints within 60 days. Consumers are given a tracking number after submitting a complaint and can check the status of their complaint by logging on to the CFPB website.

“We are taking another important step to expand the Bureau’s handling of consumer complaints,” said CFPB Director Richard Cordray. “By accepting consumer complaints about prepaid products and certain other services we will be giving people a greater voice in these markets and a place to turn to when they encounter problems.”

To submit a complaint, consumers are being directed to www.consumerfinance.gov/complaint.