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April 23, 2018

NAFCU asks for comments on CFPB's consumer complaints

Regulatory Alert on CFPB's Consumer ComplaintsNAFCU is asking for credit unions' comments on the CFPB's processes related to collecting and responding to consumer complaints and inquiries. NAFCU made the request through a Regulatory Alert sent to member credit unions Friday.

The CFPB's request for information (RFI) on its handling of consumer complaints and inquiries is the last in a series released by the bureau to obtain public feedback on how to improve the CFPB's functions and outcomes for consumers and the entities it regulates.

In its Regulatory Alert, NAFCU notes that the CFPB would like specific feedback on:

  • whether consumers should be required to identify their submission as a complaint or inquiry;
  • whether companies should be allowed to reclassify submissions; 
  • whether consumers should make submissions through different channels;
  • whether third parties should continue to be allowed to submit complaints on behalf of consumers; and 
  • whether the consumer inquiry process should be made more similar to the consumer complaint process.

In its RFI, the CFPB notes that it has received more than 1.5 million consumer complaints to date and handled more than 320,000 complaints in 2017.

Credit unions can submit comments to NAFCU through its Regulatory Alert until June 29; comments are due to the CFPB by July 16.