The Consumer Financial Protection Bureau has begun accepting complaints on payday loans.
The agency has set up a database in which borrowers can file complaints about excessive fees, incorrect charges or other problems with payday loans, the CFPB announced Wednesday.
The agency's complaints databases are a means for consumers to mediate their disputes with financial institutions. The agency tracks complaints and requires companies to document the steps they take to resolve the problem. It expects companies to resolve most disputes within 15 days and to conclude all but the most complex cases in 60 days, it said.
Borrowers can submit complaints about payday lenders online, by phone or by mail, the CFPB said. The CFPB has already established databases to track complaints about credit cards, mortgages, bank accounts, private student loans, consumer loans, debt collection, credit reporting and money transfers.
"Before the Consumer Bureau, consumers who had trouble with payday lending products had few places to turn," CFPB Director Richard Cordray said in the news release. "By accepting consumer complaints about payday loans, we will be giving people a greater voice in this market."
The CFPB has led the regulatory crackdown on payday lenders over the past year. The agency recently moved to curtail
In April, the CFPB released a
Payday lenders
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