Lending Financial trades oppose making unvetted CFPB complaints public MBA, NAFCU say proposal would cause more harm than good
Financial trades oppose making unvetted CFPB complaints public CFPB plows ahead with public consumer complaint database Trey Garrison was a Senior Financial Reporter for HousingWire.com.
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Don’t be afraid of accountability: Make bank complaints public. In 2012 it started collecting complaints from consumers against financial. but now the CFPB wants to make that public as.
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View Full Document as PDF The Consumer Financial Protection Bureau (CFPB) should be abolished. In its current form, it undermines the constitutional principle of checks and balances. If Congress wishes to establish an agency to oversee consumer financial issues, it should start again from scratch, acting in a manner that respects fundamental constitutional principles.
responses of financial institutions to those complaints. The Consumer Complaint Database enables the CFPB to identify financial practices that threaten to harm consumers and enables the public to evalu-ate both the performance of the financial industry and of the CFPB. The CFPB’s searchable complaint database is the newest of a set of federal.
Pawlenty-led financial lobby opposes posting details of consumer complaints.. are all part of a new push by the financial industry’s main trade group to stop a government website from posting.
complaint data in order to better serve consumer complaint resolution, we strongly oppose the public disclosure of any consumer complaint information, including narratives. As discussed in greater detail below, CBA believes the Bureau’s proposal is ill-advised and creates bad policy for a number of reasons, primarily:
Financial trades oppose making unvetted CFPB complaints public Two leading banking trade groups are not pleased with the Consumer Financial Protection Bureau’s proposal to make public unverified consumer complaints against financial institutions.
The CFPB is making a good public consumer complaint database better. In 2015, the CFPB added optional consumer narratives, or stories, to its public consumer complaint database, giving other consumers, researchers and even other firms a new way to help study complaint patterns. Now, it will give consumers a chance to "rate the company’s handling of his or her complaint on a one-to-five.