Acting director seeks to 're-orient' CFPB's work
CFPB Acting Director Dave Uejio yesterday shared his vision for the bureau's Division of Consumer Education and External Affairs (CEEA) as it works to implement his policy priorities. Uejio has said providing relief to consumers facing hardship due to the coronavirus pandemic and racial equality are among his priorities, and previously indicated the bureau will be focused on improving the consumer experience.
Uejio shared his letter to the CEEA in a blog post and said his directions for the division "will ensure consumer voices are heard throughout, and at every level, of the Bureau. From rulemaking to COVID education to increasing racial equities to punishing bad actors, CEEA will seek out, listen to, and integrate consumer voices into all Bureau priorities."
In the letter, Uejio said addressing consumer complaints is one of his top priorities as they "are our lifeblood; our direct connection to consumers in distress." He indicated the bureau will publish an analysis of consumer complaint findings to address companies that are not properly responding to complaints.
NAFCU has previously shared concerns with the bureau regarding the consequences credit unions face as a result of unverified consumer narratives published on the Consumer Complaint Database.
In addition, as the bureau works to help consumers impacted by the coronavirus pandemic, Uejio asked the CEEA to better target resources to reach struggling homeowners and renters, coordinate with other agencies to provide information to these consumers, collaborate with consumer- and community-focused stakeholder groups, and more.
As the bureau strives to "re-orient [its] work squarely on consumers," Uejio plans to update the bureau's website, expand social media efforts, and strengthen relationships with consumer, civil rights, racial justice, and tribal and Indigenous rights group.
NAFCU works closely with the CFPB and will continue to engage with the bureau to ensure credit unions are not overly burdened by rules that are intended to stop bad actors and are able to access tools to help their members through the pandemic.