What happens after I file a complaint with the CFPB?

After an individual files a complaint with the Consumer Financial Protection Bureau, several steps occur to ensure the issue is addressed appropriately. Initially, the Bureau acknowledges receipt of the complaint and provides a tracking number for reference. The complaint is then reviewed to determine if it falls within the CFPB's jurisdiction and whether it is complete. If the Bureau decides to proceed, it forwards the complaint to the financial institution or entity involved, giving them the opportunity to respond. The financial institution typically has a set time frame to address the complaint and provide a response to the CFPB. Once the institution responds, the individual filing the complaint is notified of the response and can review the details. The CFPB may also follow up with additional questions or requests for more information from both parties. Throughout this process, the individual is encouraged to monitor the progress of their complaint through the CFPB’s online portal. For more precise information and contact details, it is best to refer to the official website of the CFPB.