Comments Due to NAFCU: CFPB - Consumer Complaint and Consumer Inquiry Handling Processes
NAFCU would like to highlight the following:
- The CFPB asks that all responses take into account the Bureau's statutory obligations to establish a centralized unit and reasonable processes to collect, investigate and respond to consumer complaints, with the objective of providing consumers with timely information in order for them to make informed financial decisions.
- The CFPB specifically seeks feedback on whether it should require consumers to identify their submissions as a complaint or inquiry, whether it should allow companies to reclassify submissions, whether it should change the channels by which consumers make submissions, whether it should continue to allow third parties to submit complaints on behalf of consumers, and whether the consumer inquiry process should be made more similar to the consumer complaint process.
Comments due to NAFCU: June 29, 2018
NAFCU will send comments on behalf of its members to the NCUA by their deadline (July 16, 2018).