As the nation’s first federal agency focused on consumer financial protection, we have been hard at work putting procedures and mechanisms in place to protect you from unfair, deceptive, and abusive financial practices:
We’re developing disclosures that are more transparent
Today we’re adding another tool to our toolbox: the CFPB Ombudsman.
The word may be new to you, but there are ombudsmen at many government agencies, private companies, and educational institutions around the country. In general, an ombudsman’s job is to help informally resolve issues with an organization in an independent, impartial, and confidential way by advocating for a fair process.
At the CFPB, the Ombudsman’s Office will assist in the resolution of individual and systemic issues that a depository entity, non-depository entity, or consumer has with the CFPB. People may use the Ombudsman’s Office when they have not had success with the existing CFPB processes, or to achieve an informal resolution. Others may contact the Ombudsman to keep their concerns confidential.
Starting today, the CFPB is officially opening the doors of the Ombudsman’s Office under the direction of our Acting Ombudsman, Wendy Kamenshine. Wendy now is ready to hear from the depository and non-depository entities we regulate on issues concerning our supervisory and enforcement processes. She looks forward to hearing from consumers beginning in the spring.
The Ombudsman’s Office is an important resource that will help us accomplish our work in the best way possible. I encourage you to contact Wendy to let her know how we’re doing!
Meredith Fuchs is CFPB’s Chief of Staff