Newsroom
July 17, 2014
Cordray on complaint database: Story has 2 sides
July 18, 2014 – CFPB Director Richard Cordray discussed the importance of knowing both sides of the story Thursday during a field hearing in El Paso, Texas, on the bureau's consumer complaint database and plans to allow consumers' narratives to be shown in the public database.
The field hearing, streamed live, included remarks from Cordray on the proposal to allow consumers to air more detailed complaints about financial products and services in the public consumer complaint database. NAFCU is concerned about the potential impact the publicizing of unverified narrative complaints could have on credit unions in terms of reputational risk.
"Credit unions take great care to address their members' complaints directly and foster ongoing relationships," NAFCU Director of Regulatory Affairs Mike Coleman said in a statement Wednesday. "At first blush, the risks of unwarranted reputational harm to good actors far outweigh any benefits this proposal would create to assist the CFPB to resolve legitimate complaints."
CFPB staff showed a video of individual consumers describing their complaint narratives, before a panel discussion with stakeholders. Cordray said, "As with the complaint database itself, we verify that a commercial relationship exists between the consumer and the company − that the consumer does in fact have an account or does in fact do business with that company."
The database now has anonymous information about the complaint received, such as the consumer's zip code. The proposal would allow the anonymous consumer's narrative description of what happened to be included in the database, if the consumer chooses. The bureau said it would offer companies the chance to have their responses published concurrently.
The field hearing, streamed live, included remarks from Cordray on the proposal to allow consumers to air more detailed complaints about financial products and services in the public consumer complaint database. NAFCU is concerned about the potential impact the publicizing of unverified narrative complaints could have on credit unions in terms of reputational risk.
"Credit unions take great care to address their members' complaints directly and foster ongoing relationships," NAFCU Director of Regulatory Affairs Mike Coleman said in a statement Wednesday. "At first blush, the risks of unwarranted reputational harm to good actors far outweigh any benefits this proposal would create to assist the CFPB to resolve legitimate complaints."
CFPB staff showed a video of individual consumers describing their complaint narratives, before a panel discussion with stakeholders. Cordray said, "As with the complaint database itself, we verify that a commercial relationship exists between the consumer and the company − that the consumer does in fact have an account or does in fact do business with that company."
The database now has anonymous information about the complaint received, such as the consumer's zip code. The proposal would allow the anonymous consumer's narrative description of what happened to be included in the database, if the consumer chooses. The bureau said it would offer companies the chance to have their responses published concurrently.
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.