On June 24th, the Consumer Financial Protection Bureau (CFPB) announced an initiative to enable consumers to assert their rights more effectively with large financial institutions. Specifically, the CFPB requests information about customer service experiences with their banks or credit unions. CFPB Director Chopra noted that the initiative is designed “to ensure the legally enshrined right to obtain basic customer service.”
The CFPB initiative is in response to the shift of focus of financial institutions from relationship banking toward consolidation and digitization, which may have resulted in a decline in customized advice, responsiveness, and care. The CFPB’s sense is that a sharper focus on relationship-based banking could play a critical role in fostering a fair, transparent, and competitive marketplace.
The link to the announcement and the Request for Information is here.
In this blog post concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the newsletter by a reader shall not give rise to an attorney-client relationship with SLG. SLG expressly disclaims any representation of accuracy or reliability as to the content of this newsletter, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this newsletter. The attorneys of SLG are not certified by the Texas Board of Legal Specialization, except as otherwise noted at www.sandlerllc.com.
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