The Consumer Financial Protection Bureau (CFPB) has made changes to its complaint system, which may make it harder for consumers to lodge complaints against big financial companies. The CFPB says the changes are meant to increase efficiency, but critics argue they may discourage people from submitting complaints.
Changes to the Complaint System
The changes include enhanced identity checks, such as two-factor log-in and identity verification, which require consumers to provide a mobile phone number and an email address. The CFPB will also filter out complaints that are not valid or do not warrant a substantive response. Additionally, consumers must now dispute errors directly with credit bureaus before filing a CFPB complaint.
Critics argue that these changes are not in the best interest of consumers and may create barriers for people to report illegal and abusive actions by large financial companies. Diane Thompson, deputy director and chief advocacy officer of the National Consumer Law Center, stated that the changes are deliberately creating barriers for people to report such actions.
Impact on Consumers
The changes may result in consumers getting monetary relief less often. According to the CFPB, the overall complaint resolution rates have remained relatively steady over time, but there has been a slight decline in the percentage of consumers who have received monetary relief when their complaints are resolved. In 2024, 1% of complaints were resolved with monetary relief, compared to 0.8% in 2025.
Original reporting: KTBS 3 (Shreveport) — read the source article.
