CFPB Proposes Expanding Complaint Policy Statements
On July 16, 2014, the Consumer Financial Protection Bureau (CFPB) issued a proposed policy statement on its consumer complaint database. Currently, when consumers submit a complaint to the CPFB, the database will publish various pieces of information, including:
- Product identified in the complaint
- Issue complained about
- Name of company complained about
- Date of the complaint
- Company’s response
The proposed policy statement would significantly expand the complaint information published to include a narrative describing what happened to trigger the complaint. The narrative is the first-hand account of how the consumer felt they were wronged and what they would like resolved.
The proposed policy statement would permit financial institutions to respond to the complaint for publication next to the consumer’s corresponding complaint.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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