CFPB Now Accepting Complaints on Prepaid Cards and Other Nonbank Products
The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers that have encountered 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.
"Today 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."
The CFPB started taking complaints about credit cards when it opened its doors in July 2011. In addition to taking complaints regarding today'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 Bureau 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. If you need to file a complaint, you can do so with the Consumer Financial Protection Bureau.