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March 09, 2017

CFPB updating consumer complaint portal

The CFPB said Thursday it will make updates to its Consumer Complaint Database, including modifications to the company portal through which companies review complaints and the complaint form for consumers.

The changes will be final in late April.

The company portal changes are meant to make it easier for companies to respond to consumer complaints; the CFPB will put out a new manual for companies when the changes are finished. Additionally, the 11 complaint forms currently used by consumers will be consolidated into one dynamic form.

In September, NAFCU raised concerns that the proposed survey changes would confuse efforts at complaint resolution and would weaken the effectiveness of financial institution examinations. NAFCU also continues to be concerned about the reputational risk created by the complaint portal, because the complaints are not verified and financial institutions are frequently unable to respond publicly due to privacy limits.

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