The Consumer Financial Protection Bureau has expanded its consumer complaint database to include problems with payday loans. The CFPB is the first federal agency with the regulatory authority to supervise this industry.
"Before the Consumer Bureau, consumers who had trouble with payday lending products had few places to turn," said CFPB Director Richard Cordray in a statement. "By accepting consumer complaints about payday loans, we will be giving people a greater voice in this market."
The CFPB said it will accept complaints from customers about:
- Unexpected fees or interest charges
- Unauthorized or incorrect charges to a bank account
- Loan payments that were not credited
- Problems contacting the lender
- Not receiving money after applying for a loan
The CFPB also wants to hear from people who received a loan they did not apply for. This can happen when the lender mishandles personal information, such as a bank account number or Social Security number.