topic Re: Waiting for next step in CFPB complaint process. in General Credit Topics

Waiting for next step in CFPB complaint process.

Anonymous — Sun, 13 Dec 2015 08:21:56 GMT

Hey everyone, I recently submitted a complaint on a lesser known credit card company known as First Savings Credit Card. I put the complaint through on December 1st 2015. It is now December 13th 2015, and the complaint still has not been forwarded to the company. When I logged in my CFPB account (to track complaint progress) there was a CFPB update that said "We usually can quickly send complaints to the company for a response. Sometimes it takes longer to correctly identify and register the company. We’re still working to register the company you identified. If we need more information to continue our work, or if we are unable to send your complaint to the company, we will let you know". I now am beginning to think that First Savings Credit Card might to be too small of a bank for CFPB to deal with. Is it possible they will just send it to the bank regulator for First Savings Credit card? And has anyone experienced something similar to this when filing a CFPB complaint against a company that is not registered in their systems?

Re: Waiting for next step in CFPB complaint process.

gdale6 — Sun, 13 Dec 2015 18:49:51 GMT

@Anonymous wrote:
Hey everyone, I recently submitted a complaint on a lesser known credit card company known as First Savings Credit Card. I put the complaint through on December 1st 2015. It is now December 13th 2015, and the complaint still has not been forwarded to the company. When I logged in my CFPB account (to track complaint progress) there was a CFPB update that said "We usually can quickly send complaints to the company for a response. Sometimes it takes longer to correctly identify and register the company. We’re still working to register the company you identified. If we need more information to continue our work, or if we are unable to send your complaint to the company, we will let you know". I now am beginning to think that First Savings Credit Card might to be too small of a bank for CFPB to deal with. Is it possible they will just send it to the bank regulator for First Savings Credit card? And has anyone experienced something similar to this when filing a CFPB complaint against a company that is not registered in their systems?

Its actually quite common. The CFPB only deals with organizations that are worth more than 10B. They would typically send off the complaint to their regulator in this case but it looks like they are investigating this bank to see if they meet the 10B level for them to be able to handle the complaint.

Re: Waiting for next step in CFPB complaint process.

RobertEG — Sun, 13 Dec 2015 19:17:20 GMT

What was the asserted violation of the FCRA?

Re: Waiting for next step in CFPB complaint process.

Anonymous — Mon, 14 Dec 2015 02:39:14 GMT

@gdale6 wrote:

Its actually quite common. The CFPB only deals with organizations that are worth more than 10B. They would typically send off the complaint to their regulator in this case but it looks like they are investigating this bank to see if they meet the 10B level for them to be able to handle the complaint.

I was wondering, is it likely they will be able to register the company?

And if they sent it to a regulator, would I have to make a separate complaint with the regulator?

Re: Waiting for next step in CFPB complaint process.

RobertEG — Mon, 14 Dec 2015 06:18:48 GMT

It would depend upon the nature of the complaint and the regulatory authority of the agency.

Re: Waiting for next step in CFPB complaint process.

Dalmus — Thu, 17 Dec 2015 16:21:45 GMT

Mildly curious... First Savings was my second card after my BK7 a few years ago. Other than a ridiculous interest rate (29.9%!! Obviously I never use the card but for something samll every few months to keep it active), I've never had problems with them.

Is there something I should we watching for?