The annual report also offered suggestions to the CFPB on engagement with regulated entities.
12/12/2023 2:30 P.M.
2.5 minute read
Consumer Financial Protection Bureau Ombudsman Wendy Kamenshine issued the office’s 2023 Annual Report (PDF) on Dec. 1, outlining a variety of issues for consumers and regulated entities in financial services and other industries.
The role of the ombudsman’s office is to provide independent, impartial and confidential resources for consumers, banks and nonbanks in resolving issues with the bureau. In that role, it also makes recommendations to the bureau.
“The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB,” Ombudsman Wendy Kaminshine said in a blog post. “This year, as we expanded our focus on individual inquiries, we also welcomed the opportunity to expeditiously address an array of topics impacting many people or entities at one time.”
The office launched a new FAQ format for discussion of individual inquiries and to answer questions it regularly receives.
The report also summarizes the ombudsman’s “post-examination survey of supervised entities, including the survey format and a further description of entities surveyed.”
Additional topics include:
- Offering Feedback and Suggestions on Draft CFPB Materials
This included feedback on the bureau’s information for consumers with limited English proficiency, the Consumer Complaint Program website for companies and a blog post on medical debt. - Assisting with Receipt of Stakeholder Feedback for New CFPB Initiatives
This year, the office received feedback and suggestions on the CFPB’s timing for review of materials in connection with a pending regulation. In response, the office encouraged “inquirers to use the regular processes that the CFPB provides.” At the same time, the office invited inquirers to reach out for assistance. The ombudsman also connected with the necessary CFPB points of contact to ensure they were aware of these timing concerns. - Post-Examination Survey
The office launched the survey last year as a way for supervised entities to share their feedback on examinations, supervision materials, communications from the CFPB and the end of the examination process. In the evaluation of the examinations, the office asked what worked well, what did not, and what supervised entities would change moving forward. This is available on page 20 of the ombudsman’s report (PDF).
Ombudsman Outreach
The office recommends consumers or regulated entities contact the ombudsman when they try “the regular avenues within the CFPB for resolution and for some reason those avenues did not work to resolve the process issue; wants to highlight a concern in confidence; is not sure where in the CFPB to obtain an answer; would like to suggest that we review a broader process concern; or, wants to make the [o]mbudsman aware of an issue already shared with the CFPB that [it] may be studying.”
The ombudsman is available at [email protected] or (855) 830-7880.
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