§5534 Response to consumer complaints and inquiries

Summary

The Bureau must work with federal regulators to set up clear procedures to answer consumer complaints and questions about a covered person. Consumers must get a timely reply, in writing when needed, that explains what the regulator did, any reply from the covered person, and any follow-up or planned actions. A covered person supervised and under the Bureau’s primary enforcement under section 5515 must also promptly inform the Bureau, other financial regulators, and any agency with authority about complaints. Their replies must say what they did, what the consumer said, and any follow-up or planned actions. A covered person under section 5515 must give consumers, in a timely way, records and supporting documents they have about the consumer’s account. They do not have to give confidential business secrets (for example, credit‑score algorithms), information used to stop fraud or money laundering, information required to be kept secret by other laws, or other nonpublic supervisory or confidential material. The Bureau must make a memorandum of understanding with affected federal regulators, including the Secretary of Housing and Urban Development and the Secretary of Education, on how covered persons and regulators will follow these rules.