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Wednesday, July 16, 2014

CFPB to Publicize Consumer Stories in Complaint Database

The CFPB proposed adding consumers’ narratives to the publicly available material in its consumer complaint database. The CFPB said that narratives would provide context for the complaints and spotlight trends. A company subject to a complaint would be given an opportunity to post a response that would appear next to a customer’s story.

ABA SVP Richard Riese made the follow statement:
While the banking industry is committed to helping consumers make informed and responsible financial decisions, public disclosure of unverified consumer complaint narratives doesn’t advance that goal and raises significant consumer privacy issues. ABA appreciates the bureau’s decision to provide banks and members of the public with the opportunity to comment on all aspects of the proposed disclosure.
Complainants must opt-in to have their stories published, the bureau proposed, and personally identifiable information would be hidden in both the customer narrative and company response. Comments are due 30 days after publication in the Federal Register, and ABA said it intends to seek an extension of the comment period.

Read the proposal.

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