Newsroom
July 23, 2014
More protest CFPB plan on complaint disclosures
July 24, 2014 – Banking and business groups protested CFPB's proposal to include more detailed complaints in its public database in a joint letter Tuesday, saying the proposal "raises many serious legal and practical issues."
The letter was signed by the Financial Services Roundtable, the American Bankers Association, the Consumer Bankers Association, the Clearing House, and the U.S. Chamber of Commerce, according to The Hill.
CFPB last week announced the proposal to allow consumers to air more detailed complaints about financial products and services in the public Consumer Complaint Database – meaning the narrative of the complaint would be made public while the consumer remained anonymous. NAFCU issued a statement Monday that reiterates the association's concerns about the potential that posting any unverified complaints has for increasing credit unions' reputational risk.
The groups did not go into detail about their objections, but focused on the need for a longer comment period – suggesting 90 days rather than the 30 days currently provided. They also urged CFPB to hold off on the change until related research projects are completed.
The database now has anonymous information about the complaint received, such as the consumer's zip code. The bureau said it would offer companies the chance to have their responses published concurrently with the narrative complaints under the new proposal.
The letter was signed by the Financial Services Roundtable, the American Bankers Association, the Consumer Bankers Association, the Clearing House, and the U.S. Chamber of Commerce, according to The Hill.
CFPB last week announced the proposal to allow consumers to air more detailed complaints about financial products and services in the public Consumer Complaint Database – meaning the narrative of the complaint would be made public while the consumer remained anonymous. NAFCU issued a statement Monday that reiterates the association's concerns about the potential that posting any unverified complaints has for increasing credit unions' reputational risk.
The groups did not go into detail about their objections, but focused on the need for a longer comment period – suggesting 90 days rather than the 30 days currently provided. They also urged CFPB to hold off on the change until related research projects are completed.
The database now has anonymous information about the complaint received, such as the consumer's zip code. The bureau said it would offer companies the chance to have their responses published concurrently with the narrative complaints under the new proposal.
Share This
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
Get daily updates.
Subscribe to NAFCU today.