Newsroom

Back to the Newsroom
November 19, 2015

Banker reports CPFB complaint database filled with errors

The CFPB consumer complaint database is "riddled with errors" and not considered a reliable source of information even by bureau employees, says an article this week in the American Banker newspaper.

NAFCU has warned the bureau that publishing complaint narratives could increase credit unions' reputational risk. NAFCU believes the complaints, which are not verified, can provide an incomplete picture of the actual circumstance of the complaint.

The paper reported that one complaint was counted as 35 complaints due the number of providers noted in it; another was filed against a bank despite the consumer intending it to be filed against an unrelated payday lender.

An anonymous former bureau official told the paper: "CFPB employees don't trust the system. When we were asked to look into a complaint, more than 25% of the time it turned out that the data we were looking at didn't really pan out or it was just incorrect in the way it was reported."

CFPB announced last month that as of Oct. 1 the bureau had handled more than 726,000 complaints since the bureau was opened in 2011.

Related Resources

Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public

Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing

preferred partner
Pentegra
Webinar

Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era

Strategy

preferred partner
Allied Solutions
Blog Post

Ensuring Safety and Soundness with AI

Management, Consumer Lending, FinTech

preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape.  Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans.  Don’t miss out on the opportunity to learn how to:  Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response.  Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met.  Implement and utilize tabletops to regularly test the effectiveness of your IR plan.  Enhance preparedness, efficiency, and confidence among responders.  View On-Demand Web NAFCU digital@nafcu.org America/New_York public

Mastering Resilience in Incident Response Plans

preferred partner
DefenseStorm
Webinar