August 24, 2014

Write NAFCU today on CFPB complaint disclosures

Members' input is due to NAFCU today.

Aug. 11, 2014 – NAFCU needs its members' input today on CFPB's proposal to allow consumers to post narrative information with the complaints they submit via the bureau's public financial services complaints database.

Consumers can submit complaints regarding services and products from any provider that is under CFPB's direct supervision authority. That covers all financial institutions, including credit unions, with more than $10 billion in assets. This currently includes four credit unions, but that number will grow as other credit unions grow in asset size.

CFPB proposes to expand its complaint database to include unstructured consumer complaint narrative data. Specifically:

  • Only those narratives from consumers who opt in and give their consent to use the narratives will be accepted.
  • Financial providers would also be able to submit a narrative response for inclusion in the consumer complaint database.
  • All narratives (the consumer's and the financial institution's) will be scrubbed of information that would make consumers identifiable.

NAFCU is taking members' input to its official comment letter through close of business today; the proposal is detailed in Regulatory Alert 14-EA-08 (login is required). Comments are due to CFPB Sept. 22.