h digitalfootprint web 728x90

Got a credit card complaint? Banks can’t hear it

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Industry groups and regulators claim that some consumer complaints regarding credit cards haven’t reached banks that issued the cards because of technical problems in the new system created by the Consumer Financial Protection Bureau, Bloomberg reported.

The month-old complaint response system has failed to properly route all inquiries, a problem bureau spokeswoman Jen Howard said the agency will resolve “within a matter of weeks.” Howard didn’t say how many complaints have been held up.

The agency launched the system, which is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, on July 21. Its website invites consumers to file complaints about credit cards, the most common form of consumer credit.

Previously, complaints about banks were handled by agencies including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve, all of which now refer calls to the bureau.

Some banks found that their volume of complaints dropped as the bureau’s system failed to work properly, said Richard Hunt, head of the Consumer Bankers Association. The banks were concerned they might be blamed for unanswered queries, he said.

Howard said some issuers did not receive complaints filed through the agency’s website because of “browser compatibility issues.”