Newsroom

April 10, 2013 – Afinal policy statementby the CFPB on the disclosure of consumer complaint data does little to assure NAFCU that data are being sufficiently verified before their release to the public, NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt said Tuesday.

The CFPB recently expanded its public consumer compliant database to offer access to more than 90,000 complaints received so far on mortgages, financial institution products, student loans, consumer loans and credit cards. It is planning to add complaints about consumer credit reporting to the public database soon.

The association has strongly urged against the disclosure of unverified data. "We maintain our objection to disclosing data without at least verifying it," said NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt. "The CFPB's statement that it ‘maintains significant controls to authenticate complaints' is unsatisfactory as the policy still leaves institutions vulnerable to nuisance allegations."

The CFPB posted its final policy statement on the database this week.