The Consumer Financial Protection Bureau has hit a standstill this week due to orders from Trump administration officials. However, the agency’s popular online consumer complaint portal remains active. If you’re facing issues with a bank or credit reporting agency, submitting a report could still be beneficial, freeze or no freeze.
The portal allows Americans to submit complaints about their financial institutions directly to the CFPB’s searchable database, bypassing customer service obstacles. These cases are then directed to the company in question, which is expected to respond within 15 days, with a final resolution offered within 60 days.
Fortunately, the portal’s backend is automated and unaffected by the administration’s work pause. Your complaint will still be forwarded to the relevant entity, whether it’s Bank of America, Experian, or a debt collector bothering you.
Since its launch in 2012, the portal has grown in popularity, with complaints rising from a few hundred thousand annually to 2.7 million in 2024. It has garnered a following on platforms like Reddit, where users often recommend it as a way to address financial issues efficiently.
Most submissions now focus on credit report problems, followed by complaints about debt collectors and bank accounts, as outlined in a 2024 report by the Congressional Research Service. The CFPB emphasizes that the vast majority of complaints receive timely responses, with about 41% resulting in some form of relief for consumers.
One reason for the portal’s efficacy is the oversight it provides. Complaints are made public on the CFPB website, and both regulators and the public monitor them closely. Companies are aware of this scrutiny, prompting them to address complaints promptly. Failure to do so can lead to regulatory intervention or enforcement actions by the CFPB.
While individual submissions are not typically handled by bureau staff, exceptions are made, such as with student loan complaints. Americans can report issues to other regulators like the Federal Trade Commission, but the CFPB portal uniquely combines alerting regulators with guiding customers through a structured resolution process.
State consumer protection regulators and members of Congress can also access the complaint data. However, concerns persist that companies may neglect complaints despite the automated system.
There may be a decrease in the seriousness with which formal complaints are addressed if the CFPB’s staff remains inactive for an extended period. A former official expressed concerns about the potential impact of prominent figures like Elon Musk and other billionaires hindering the bureau’s operations, stating that it could lead to a decline in the quality of companies’ responses. The former official questioned the rationale behind companies complying with regulations if there is no enforcement of the law. Jordan Weissmann, a senior reporter at Yahoo Finance, reported on these issues.
