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10.18 Response to Consumer Complaints and Inquiries

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10.18 Response to Consumer Complaints and Inquiries

 

 


10.18.   Response to Consumer Complaints and Inquiries.  The Bureau will establish procedures, in consultation with other Federal regulatory agencies, to provide a timely response to consumer complaints or inquiries.   The procedures shall include addressing: (i) steps that have been taken by the regulator in response to the complaint or inquiry; (ii) responses received by the regulator from the Covered Person; and (iii) follow-up actions or planned follow-up actions planned by the regulator to respond to the complaint.  A Supervised Large Depository is required to provide a timely response to the Bureau, the prudential regulators, and any other agency with jurisdiction over the Covered Person regarding the actions it has taken in response to the consumer complaint.  As with requests by a consumer for information from a Covered Person, there are similar limitations on the information that the Bureau or a prudential regulator or other Federal regulator may be required to provide to the consumer.  The Bureau is directed to enter into a memorandum of understanding with any affected Federal regulatory agency in regard to compliance with this provision.[§ 1034]