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Tuesday, June 19, 2012

ABA Disappointed in CFPB's Release of Unverified Data

Kenneth Clayton, ABA’s executive vice president of legislative affairs and chief counsel made a statement in regards to the CFPB Credit Card Complaint Database.
While our industry stands ready to work with the CFPB to resolve customer concerns, the Bureau’s plan to release unverified data is disappointing and could mislead consumers. Publishing allegations is often different than publishing facts. The Bureau itself acknowledges the complaints could be inaccurate, and in fact plans to disclaim their accuracy.* This makes the proposed database a questionable - even misleading - resource and risks tarnishing the reputation of individual companies without substantiation.

Publicizing allegations that may or may not have any basis in fact raises serious questions about the balanced review we expect from our government agencies. It feeds the perception that the Bureau wishes to politicize the process rather than analyze the facts involved.

The banking industry takes every complaint seriously and works every day to resolve customer issues. We’re proud of the customer service we provide and the numbers speak for themselves. Of the more than 383 million credit card accounts in the U.S., less than one-hundredth of one percent have submitted a complaint to the Bureau. Customer satisfaction will always be our industry’s top priority.
*See page 12 of the CFPB policy statement on the Consumer Complaint Database.

Read Clayton's full statement.

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