Congress to consider changes to controversial CFPB complaint database

The CFPB uses consumer complaint data to help supervise companies, enforce federal consumer financial laws, and write rules and regulations. consumer response reports to Congress about the complaints received and posts some complaint data, as described in detail below, i n the consumer complaint database.

At least one of those appointees created controversy when it was learned that Eric. First, he changed how the Bureau describes itself in press releases, adding as its. Congressional Review Act Knocks Out CFPB Moves.. and financial information from third-party data brokers and used the information to.

The plan is to make the rule a dead letter through administrative changes in the language of the regulation. from banks and proposed cutting off public access to a database of consumer complaints..

Kraninger, an experienced Congressional staffer and longtime DC. its own worst enemy as it became known more for its controversy than regulatory effectiveness.. One of Mulvaney's first acts was to change the name from the CFPB to. Consumer Financial Protection Bureau Now Accepting Complaints.

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Initially, it is important to remember that credit unions under $10 billion are not included in the Consumer Complaint Database. The CFPB will forward any complaints from these credit unions to NCUA and credit unions will need to follow NCUA’s procedures for responding to member complaints (more on this at the end of the blog post).

Charles M. Horn counsels US and international banks and other financial institutions on corporate, regulatory, supervisory, enforcement, and compliance matters before all major federal and state financial regulatory agencies. He advises clients on major federal financial services statutes and regulations, as well as on US and international financial reform developments.

Consumer advocates decried the resolution as a thinly-veiled giveaway to Netspend, a controversial. of Congress that support Wall Street and predatory lenders over working families may also use.

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extends both to data that the Bureau collects directly, as well as to all data collected. The CFPB should better categorize consumer complaints received and published to. Thus, the Task Force calls on Congress to consider legislation to explicitly prescribe.. Interspersed are suggested operational changes that the CFPB.