Newsroom

March 15, 2018

NAFCU requests input on CFPB's complaint process

NAFCU is seeking member feedback on potential changes that can be implemented to the CFPB's public reporting practices of consumer complaint information. Comments are due to NAFCU by May 21; association members can provide comments via NAFCU's Regulatory Alert, sent to members yesterday.

Earlier this month, the CFPB published 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 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.

In its Regulatory Alert, NAFCU notes that consumer complaints regarding credit unions subject to the CFPB's supervisory jurisdiction (those with more than $10 billion in total assets) are currently listed on the agency's consumer complaint database. 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.

Comments on this RFI are due to the CFPB by June 4.

The CFPB this week issued its eighth RFI on the bureau's adopted regulations and new rulemaking authorities. Specifically, the CFPB wants input on whether any rules issued since its creation under the Dodd-Frank Act should be amended or if any new rules should be written.

Once published in the Federal Register, this RFI will be open for a 90-day comment period. NAFCU will issue a Regulatory Alert to gather member feedback.