Consumer Financial Protection Bureau Publishes First Ombuds Report

Wendy Kamenshine, the CFPB Ombudsman, has released a report describing the work of her office since it opened in last December. In the report, Kamenshine summarizes the creation of the office, the systemic issues identified during the year, and plans for next year.  According to the report, the CFPB Ombuds received 775 individual inquiries during the 2012 fiscal year, with the vast majority coming from consumers raising “questions or issues regarding the processes, services, products or entities under the CFPB’s jurisdiction.”

The CFPB Ombuds:

advocates for a fair process as between consumers, the providers of consumer financial products and services, and the CFPB. As with other ombudsman offices, the basic ombudsman tenets of independence, impartiality, and confidentiality allow the Ombudsman to advocate for a fair process.

The full report is available on line and will be given to the CFPB Director. (CFPB Ombuds Blog; JDSupra Blog.)

Related posts: Consumer Financial Protection Bureau Opens Ombuds Office; Coalition of Federal Ombuds Begins Plans for 2012 Conference; Consumer Financial Protection Bureau Appoints Ombuds.