cancel
Showing results for 
Search instead for 
Did you mean: 

Consumer Finance has taken my First Premier case and transferred to Federal Reserve? ummm what?

Highlighted
Member

Consumer Finance has taken my First Premier case and transferred to Federal Reserve? ummm what?

I was attempting to use the Consumer Finance website to initiate some kind of contact toward First Premier. I've read they are a hard egg to crack. After submitting my information, Consumer Finance replies to tell me they have forwarded the case to The Federal Reserve? I wanted to attempt to fight or settle this one as it's going to be my last charge off. Smiley Happy

Looking at my attached documents on the complaint, I see the PDF I submitted but there's another with a different person's name attached. They too are complaining about First Premier.

 

So...anyone had this Federal Reserve deal? The website they direct me to has little information. CF just tells me the Fed will contact me at some point.

1 REPLY 1
Highlighted
Legendary Contributor

Re: Consumer Finance has taken my First Premier case and transferred to Federal Reserve? ummm what?

That is common and standard CFPB procedure.

 

Under the Consumer Finance Act, the Bureau only has formal regulatory jurisection over banks with assets in excess of $10B.

Your bank is not that large.

Regulation then defaults to the agency that had regulatory authority prior to enactment of the CFA, namely the regultors at the local Federal Reserve branch.

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.