The Consumer Financial Protection Bureau’s Ombudsman Releases it’s First Report

On November 30, 2012 the CFPB released the first annual report on the Ombudsman’s office.

The Bureau’s Ombudsman office was established as part of the Dodd-Frank Act in December 2011. The office, headed by Wendy Kamenshine, advocates for a fair process  between consumers, the providers of consumer financial products and services, and the CFPB. In addition, the Ombudsman tracks issues raised in inquiries to highlight trends and make recommendations to the CFPB.

In the nearly 10 months since the CFPB Ombudsman Office opened, it received 775 inquiries. Over 80 percent of those inquiries were consumer questions or issues regarding the processes, services, products, or entities under the CFPB’s jurisdiction.

For the next fiscal year, the CFPB Ombudsman will continue addressing individual and systemic inquiries that we receive from consumers and providers of consumer financial products and services.

2013 focus will be  focus on:

  • Inreach – Continuing to share information about the Ombudsman’s role with CFPB staff nationwide, and particularly with new staff who join the Bureau.
  • Outreach – Building on our outreach to make consumers and the providers of consumer financial products and services aware of the Ombudsman resource.
  • Statistics – Sharing additional statistical data with CFPB leadership to highlight the issues received by the Ombudsman and further inform the CFPB on recommendations for change.

2012 Ombudsman Office Annual Report