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March 01, 2018
CFPB requests input on consumer complaint reporting
The CFPB on Thursday issued a request for information (RFI) on the bureau's public reporting of consumer complaints in order to assess the information's usefulness to interested parties. This RFI is due to be published in the Federal Register Wednesday and will be open for comments for 90 days.
This RFI is the sixth in a series of requests to obtain public feedback on how to improve the CFPB's functions and outcomes for consumers and the entities it regulates. NAFCU expects the bureau to issue additional RFIs that will similarly seek to review and revise other existing CFPB rules.
The bureau, in this request, is seeking public input regarding any potential changes that can be made to its public reporting practices of consumer complaint information and whether changes would be appropriate. The RFI invites stakeholders to consider whether the bureau should modify the scope of publishable complaint data, and whether companies should be allowed to share comments in response to complaints. In previous comment letters regarding the CFPB's complaint database, NAFCU has pressed the bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm.
NAFCU has provided member credit unions with more details and the opportunity to comment on the CFBP's RFIs through Regulatory Alerts, which can be accessed here. The association will send a Regulatory Alert on consumer complaint reporting RFI once it is officially published for comment.
This RFI is the sixth in a series of requests to obtain public feedback on how to improve the CFPB's functions and outcomes for consumers and the entities it regulates. NAFCU expects the bureau to issue additional RFIs that will similarly seek to review and revise other existing CFPB rules.
The bureau, in this request, is seeking public input regarding any potential changes that can be made to its public reporting practices of consumer complaint information and whether changes would be appropriate. The RFI invites stakeholders to consider whether the bureau should modify the scope of publishable complaint data, and whether companies should be allowed to share comments in response to complaints. In previous comment letters regarding the CFPB's complaint database, NAFCU has pressed the bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm.
NAFCU has provided member credit unions with more details and the opportunity to comment on the CFBP's RFIs through Regulatory Alerts, which can be accessed here. The association will send a Regulatory Alert on consumer complaint reporting RFI once it is officially published for comment.
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