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Cornerstone Visits with CFPB Ombudsman Office
Monday, October 17, 2016 6:55 AM

On Oct. 14, Suzanne Yashewski, SVP regulatory compliance counsel, and Nathan Behncke, regulatory compliance advisor, got to know the Consumer Financial Protection Bureau's Ombudsman’s Office via telephone.

The CFPB Ombudsman’s Office can assist consumers, financial entities, trade groups, or anyone else who has a process issue arising from CFPB activities. The mission of the Ombudsman Office is to advocate a fair process, so it tries to remain independent from and impartial to the Bureau. This office does not address substantive issues such as regulatory proposals, legal interpretations, or litigation.

In its 2015 annual report, the Office detailed areas in which it provided recommendations to the Bureau such as the operation of field hearings, clarifying language used in CFPB consent orders and corresponding press releases, and defining company response options in conjunction with the CFPB’s public Consumer Complaint Database. 

In the upcoming months, the Ombudsman plans to set up forums to meet with compliance professionals as well as state regulators.

The CFPB Ombudsman can be reached at CFPBOmbudsman@cfpb.gov. The office engages in outreach to the community and is available to participate in calls and in-person meetings. For answers to questions about the CFPB Ombudsman Office, click here.