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Tuesday, January 13, 2015

ABA Seeks More Oversight of CFPB Complaint Database

ABA urged the Federal Reserve’s watchdog — which also oversees the CFPB — to increase its scrutiny of the CFPB’s customer complaint database. The Fed’s inspector general is currently conducting an audit of the bureau’s public database and a security review of the underlying database. ABA wrote:

We believe the audit should examine the degree to which complaint data that are published relate to a legal or regulatory violation or a bank practice or policy failure, as opposed to a more generalized expression of consumer frustration or anger.

The association also urged the inspector general to evaluate the CFPB’s proposal to include customers’ narratives in the database — a plan that ABA has warned could range from useless due to necessary redactions of personal information to dangerous to the extent it includes inaccurate information.

Read more.

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