Consumer Financial Protection Bureau And NYS Department of Financial Services Are Inherently Useless, And Probably Harmful To Financial Company Consumers – OpEd


There was once upon a time, when customers of a bank, insurance company, debt collector, or even a ruthless mortgage company, could file a scathing complaint which would land directly square on the proverbial chin of the bank and its corporate betters, simply by writing a letter, making a phone call, or emailing their customer service department. 

At that point in time, the customer had successfully targeted and connected with the bank personnel, who upon receiving said complaint, would immediately snap into action, become introspective, and worst case scenario, hand it off to their lawyers to respond to. 

But at least, these financial institutions’ “betters” would READ the complaint, and therefore internalize it to some extent. 

Now however, with the advent of the Consumer Financial Protection Bureau (“CFPB”), and its little brother, the New York State Department of Finance (“NYSDFS”), complaints, which have now become far more frequent due to the cycle of abuse described below, rarely if ever reach the financial institutions’ “betters,” and therefore rarely, if ever, have their intended effect of resolution, improvement, or conciliation of the customer’s woes. 

That’s because greedy, sociopathic, blood sucker, catatonic lawyers have insulated the complaint process from soup to nuts, A to Z, after they have left the complainant’s fingertips. 

Even the agencies described above, CFPB and NYS DFS, take in the complaint with little to no human involvement, assign it a random docket number to give the customer a false sense of security or accomplishment, but then immediately shunt it off, without doing any provable research or investigation, on to the targeted financial institution itself, whereby it is met by another machine-like process, shunted into the ever growing but never resolved “pile of complaints,” where it is then divided like a stack of playing cards to its ever growing roster of customer service monkeys who color and key code their “responses” by pressing buttons all day, with the end goal being at best, case dismissal, and at least, simply a message conveyed by the CFPB and/or NYSDFS that the “company has responded, and therefore the complaint is closed” bullshit outcome. 

At no time or point in this process does any financial employee “better” see, read, or review the complaint, let alone take it to heart to improve their institution, because they simple do not have to do so. 

And even if they wanted to do so, and had the best of intentions, they are prevented by the seemingly airtight corruption/preordained complaint dismissal process already baked into this system. 

The end result is that the CFPB and NYSDFS, while already getting mercilessly attacked by the Republican congressional and senatorial prostitutes sucking at the teet of big banks, big insurance, big real estate, and big merchant services, are anyway reduced to full neuter-dom by their own stupid and redundant actions described above. 

In fact, one could argue that no better shield to big finance has emerged than these 2 cursed agencies, who by and large keep problems under lock and key, never to see the sun, and never to be exposed. 

And therein lies the rub.

Rahul Manchanda

Rahul D. Manchanda, Esq, was ranked among Top Attorneys in the United States by Newsweek Magazine in 2012 and 2013. Manchanda worked for one of the largest law firms in Manhattan where he focused on asbestos litigation. At the United Nations Commission on International Trade Law (“UNCITRAL”) in Vienna, Austria, Mr. Manchanda was exposed to international trade law, arbitration, alternative dispute resolution, and comparisons of the American common law with European civil law.

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