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November 19, 2015
Banker reports CPFB complaint database filled with errors
The CFPB consumer complaint database is "riddled with errors" and not considered a reliable source of information even by bureau employees, says an article this week in the American Banker newspaper.
NAFCU has warned the bureau that publishing complaint narratives could increase credit unions' reputational risk. NAFCU believes the complaints, which are not verified, can provide an incomplete picture of the actual circumstance of the complaint.
The paper reported that one complaint was counted as 35 complaints due the number of providers noted in it; another was filed against a bank despite the consumer intending it to be filed against an unrelated payday lender.
An anonymous former bureau official told the paper: "CFPB employees don't trust the system. When we were asked to look into a complaint, more than 25% of the time it turned out that the data we were looking at didn't really pan out or it was just incorrect in the way it was reported."
CFPB announced last month that as of Oct. 1 the bureau had handled more than 726,000 complaints since the bureau was opened in 2011.
NAFCU has warned the bureau that publishing complaint narratives could increase credit unions' reputational risk. NAFCU believes the complaints, which are not verified, can provide an incomplete picture of the actual circumstance of the complaint.
The paper reported that one complaint was counted as 35 complaints due the number of providers noted in it; another was filed against a bank despite the consumer intending it to be filed against an unrelated payday lender.
An anonymous former bureau official told the paper: "CFPB employees don't trust the system. When we were asked to look into a complaint, more than 25% of the time it turned out that the data we were looking at didn't really pan out or it was just incorrect in the way it was reported."
CFPB announced last month that as of Oct. 1 the bureau had handled more than 726,000 complaints since the bureau was opened in 2011.
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