In February 2025, the Trump administration halted operations at the Consumer Financial Protection Bureau (CFPB), a federal agency responsible for safeguarding consumers against fraud and unethical banking practices in the financial services sector. With the potential permanent closure of the CFPB looming, GOBankingRates sought advice from financial experts on alternative avenues for consumers to lodge complaints against their financial institutions.
One suggestion is to contact the bank’s executive office directly for prompt resolution. Personal finance expert Andrew Lokenauth, founder of Fluent in Finance and a former employee of various banking institutions, emphasized that executive teams have specialized representatives who handle escalated cases efficiently, often resolving issues within 48 hours.
Another option is to file a complaint against a bank on the Better Business Bureau (BBB) website by locating the institution’s profile. Despite some viewing the BBB as outdated, banks still place importance on these complaints. Lokenauth highlighted that during his tenure at Signature Bank, any rating below an A- would trigger urgent meetings with senior management.
If direct filing with the CFPB is unproductive, turning to the State Attorney General’s office may be effective. Attorney John Beck of Beck & Beck Missouri Lawyers noted that attorney generals’ offices have consumer protection divisions capable of launching investigations, prompting swift bank responses, especially in cases of recurring abuse.
For cases involving less than $5,000, small claims court can be a viable option to hold your bank accountable. Beck emphasized that financial institutions often relent quickly when faced with a well-drafted claim in a local court, as it is a cost-effective and expedient method that applies legal pressure.
Additional avenues for filing bank complaints include the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). These bodies are known for their stringent compliance standards and can compel banks to address consumer grievances promptly, preventing prolonged delays in resolving issues.
Lastly, consumers can consider reaching out to the National Credit Union Administration (NCUA) for assistance with complaints related to credit unions.
The NCUA protects members’ deposits at federally insured credit unions up to $250,000, similar to the FDIC’s role for banks. If you have a complaint against your credit union, the NCUA can assist in resolving it. Other options for filing a complaint against your bank include contacting organizations such as the Federal Reserve, the Federal Trade Commission, and State Banking Supervisors. When submitting a complaint, ensure all necessary contact information and supporting documents are included, such as the bank’s name and address, correspondence with the bank, dates, screenshots, and any other relevant evidence. Please note that GOBankingRates is nonpartisan and aims to provide objective coverage of economic topics. For more information on this subject, visit GOBankingRates.com.
