In its first 10 months on the job, the Consumer Financial Protection Bureau (CFPB) said that it has been able to resolve roughly four out of every five consumer complaints to the apparent satisfaction of the consumer involved, the New York Times reported today. Created as part of the Dodd-Frank financial regulation overhaul, the bureau began operations last July 21. Through June 1, it received more than 45,000 complaints, CFPB Director Richard Cordray said, sending about 37,000 of those to the companies involved for review and response. The remaining complaints were referred to other regulatory agencies, were incomplete or are pending. The companies that are the subject of complaints have so far responded to 33,000, or 89 percent, of the referrals. Consumers have disputed roughly 6,000 of the company responses, indicating that that about 80 percent were resolved successfully.
