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The CFPB Ombudsman’s Office – an independent, impartial, confidential resource

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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:

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

  • Private

    I hope I’m not the first person that shudders at the first sentence in this post (“As the nation’s first federal agency focused on consumer financial protection…”).  I have long thought that there is no real protection for harmed consumers in the United States.  Outside of the expensive and complicated process of hiring an attorney and filing a lawsuit, consumers have little means of recourse.  It looks like the CFPB has the potential to be a positive great step in that direction. 

    My hope is that financial institutions and consumers alike will benefit from additional oversight and the empowerment of the consumer.  Hundreds of thousands of people work for these corporations and are pressured to engage in unethical and questionable (at best) business practices.  Perhaps giving the consumer some leverage will help keep them in line with ethical business behavior.

  • Sharon

    Please shorten the length of time that negative accounts remain on Credit Bureau reports. Some murderers and rapists serve less than 7-year sentences. One year would fit the “offense” of credit problems.

  • Marshap0

    I have a question about the advertised low mortgage rates ( rates as low as 2 and 3 %) for buying a home. I feel as if these rates are only for the people that have lots of money and are not in need of any financial help. My son has been trying to get a mortgage and the lowest interest rate he can find is 8%. Seems to me that is no different than before the crash of the housing market. If younger working people were given some of the lower interest rates perhaps they could stay in their homes and not lose them to foreclosures. Where is the help for them? Greedy landlords are buying homes in Kentucky with cash and putting people out of their homes at an alarming rate. Anyone out there that really cares? I think not!

  • http://www.taxi2000.ro Dan Stativa

    I have to agree with Sharon… Nice post, enjoyed reading.

  • http://www.recoversdata.com/softwares/remo-undelete-software/ remo undelete

    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 Ombudsmanto keep their concern confidential.

  • Bernie Macmillan

    I’m a senior citizen who is worried about the limited retirement funds I have.  I  suspect certain institutions are skimming my account.
    I have poured over my monthly statements and their figures are always off by different amount and always in their favor.

    My question is, will this new protection agency rate the various financial institutions who specialize in retirement portfolios.

    I want to take this opportunity to wish you God’s speed.  We need you so badly. Its a disgrace people are fighting to kill this new agency or distill it so it will not be effective.  If this is not a sign of guilt I don’t know what could be.

    Thank you for any help/answer you can send my way.

  • Anonymous

    Albert do you realize that the merchants are paying a higher fee to the banks for you “rewards” card.  Your “rewards” are built into the merchants higher prices they will charge you.  Remember the days when you could pay cash and get a discount?  That is now illegal.  I’d like to see that come back so I can get lower prices at the point of purchase.

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