CFPB Launches Consumer Complaint Database; Final Regulation; Comment Letters
Written By JiJi Bahhur, Regulatory Compliance Counsel
Consumer Complaint Database. The Consumer Financial Protection Bureau (CFPB) has launched a Consumer Complaint Database on credit cards. The database is available to the public and can be accessed here.
The idea behind the Consumer Complaint Database is to allow the public access to information such as what is being complained about, when it was complained about, why it was complained about, and the company that the complaint concerns. Also, if action has been taken on the complaint, the database will hold information as to whether the company's response was timely, how the company responded, and whether the consumer disputed the company's response. The consumer's identity will be withheld.
The database will include only those credit card complaints received by the CFPB on or after June 1, 2012. The complaints will be uploaded only after the company verifies that it has been correctly identified by the complainant, but the company will only have 15 days to make the verification.
It should be noted that the database will only contain information of credit unions directly supervised by the CFPB - those with over $10 billion in assets.
As of now, the database's focus is on credit cards, but this will eventually be expanded to other consumer issues as well. As a head start, the CFPB has also released a snapshot of the complaints it has received on credit cards, mortgages, private student loans, and bank products through June 1, including six stories of success. These can be located here.
Final Regulation. NAFCU's Regulatory Affairs Team has issued its Final Regulation on Loan Workouts and TDR Reporting. It can be located here (12-EF-05) and is available to NAFCU members only.