As per the terms and conditions of the Dodd-Frank Act, the FTC and CFPB will have to agree upon certain things such as “double teaming” businesses due to overlapping investigations. Apart from this, both agencies were also in agreement over consumer education programs in future in a bid to avoid competing for public information campaigns. So, according to the agreement, there will be avenues to start investigations once the complaints are filed at one agency. FTC will continue to have the powers to prosecute, while CFPB will continue to solicit information from the consumers regarding the questionable business practices in financial institutions.
All this has not gone unnoticed as the CFPB`s huge database that contains credit card complaints seems to have caught the attention of the lobbyists in the banking industry. They now want some assurance that the consumer information will not finally end up as part of public records. This is due to the fact that the CFPB has a complaint form where consumers are asked to give detailed information regarding the problems they have had to face with customer service or credit card applications. Numbers are assigned to the complaints and the Bureau then forwards the complaints to the credit card issuers. After a while, the bureau then reviews the situation to see if the financial institutions have addressed the issue and resolved the matter satisfactorily.
As of now, CFPB has not revealed details regarding specific banks while reporting the complaint trends. Recently, there was a CFPB report that mentioned the fact that complaints were mainly due to misunderstandings regarding the way the credit card features worked, when compared to the way they had been marketed. The biggest issue right now is the fact that according to the Dodd-Frank Act, the Director of CFPB will have full authority when it comes to determining a way to share details of consumer complaints. Public comment has been solicited on this matter.